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Can I use a Lifetime ISA if I get a joint mortgage with someone who's not a first time buyer?

15 July 2021

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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 Helena Wardle

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

Helena Wardle

Chartered Financial Planner

I am passionate about helping people get more clarity, confidence and reassurance with their money matters. I feel it is important to understand our client’s stories and to help connect their money with what matters to them.