Quantcast

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

Katie | Kent| 14/03/2019 | 4

  • Lifetime ISA
  • Mortgage

Katie's question in full

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?

Helena Wardle's Response

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.

Kind regards,

Helena

 

 

Just be aware...

We are not regulated to give personal financial advice - This isn’t full-fat regulated financial advice. Boring Money is a publisher and not regulated by the FCA. 

This means we can't help with specific personal circumstances or recommend specific investment products. It also basically means that if we say something daft, you have no recourse to come back and complain.

We’re only allowed to give you a steer or share an opinion or tell you the facts - That said, we promise that our answer to you is an independent unbiased perspective with no commercial gain to make. If you need regulated financial advice, you can find a good adviser via sites such as Unbiased & Vouchedfor.

Our Expert

Helena-e1405011611549.jpg

Helena Wardle

Helena is based at Sterling and Law's practice in Hitchin, Hertfordshire. She began her career in financial services in 2006 at the Nationwide Building Society and started advising clients in 2008. She's a Chartered Financial Planner with experience providing regulated financial advice on everything from mortgages to estate planning. She’s also a qualified pension transfer specialist and all-round good sort.

Related Questions

Got a Question?

Got a question? Ask our experts

Ask Our Experts

Sign up for Holly's blog

Stay up to date

Our free weekly blog with Holly's
no-nonsense opinions, tips & food for thought.
If you change your mind, you can unsubscribe at any time.