Can I combine money from my lifetime ISA and personal account for a house deposit?
06 May 2021
Question by Pelumi
Hello, With the lifetime ISA, if I were to get one for the purpose of buying my first property and managed to save £12000 but needed a house deposit of £20,000. Would I be able to combine the 12k in the lifetime ISA with 8k from a personal account to put down a deposit for my first house? Many thanks
Answered by Ernesta Clayton
Deposit for your first home can come from a range of sources such as Lifetime ISA or Help to Buy ISA, personal savings, inheritance received, and money gifted by a close family member. The solicitors and mortgage lender will ask you to provide the proof of the deposit as a part of home purchase process.
So to answer your question, You can absolutely combine a mixture of deposit sources, such as £12,000 from a Lifetime ISA and £8,000 from your personal savings.
By necessity, this briefing can only provide a short overview and it is essential to seek professional financial advice before applying the contents of this article. This briefing does not constitute advice or a recommendation.
Mortgage and Protection Adviser
I started my career in Financial Services and Banking back in 2016 and ever since I have assisted hundreds of people on their journey to home ownership. I hold a Certificate in Mortgage Advice and Practice (CeMAP) and this is my area of expertise. I am also an associate member of the Chartered Institute of Securities and Investments (CISI) and have recently completed my Level 4 Diploma in Investment Advice.