Having a Lifetime ISA is useful when buying your first home. If you are getting a joint mortgage, there are limitations to consider. Read more about these here.

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Can I use a Lifetime ISA if I get a mortgage with a non-first time buyer?

15 July 2021

Question by Katie

Can I use a Lifetime ISA if I am a first time buyer, but I will be getting a joint mortgage with someone who is not a first time buyer?

Answered by Boring Money

Hi Katie,

Good question, and one that often causes confusion with the Lifetime ISAs.

The simple answer is yes. You can save into a Lifetime ISA and use your LISA savings towards the deposit for the purchase, as you meet the eligibility criteria as a first time buyer.

Your partner would not be able to use the LISA as a savings vehicle for their share of the deposit, but that doesn’t impact on your plans to buy together, or your ability to take advantage of the 25% government bonus offered by a LISA, for your share of the deposit savings.

I hope this makes sense.

Answered by

Boring Money

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