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Can I use my lifetime ISA to buy my first house even if I've been named on a mortgage?

19 April 2022

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Question by Jack

Hi,

My mum has recently remortgaged and I’ve been named on this mortgage alongside her, but I do not make any contribution towards the mortgage payments. I have a lifetime ISA open which I was hoping to use to buy my first house, but since I’ve been named on a mortgage I’m unsure if I’m now able to use my lifetime ISA in this way. Please could you advise?


Answered by Joshua Gerstler

Hi Jack,

Being named on the mortgage should not prevent you from using your Lifetime ISA to purchase your first property.

However, you should check if you are named on the Title Deeds to your mum's home.

If you are, then this means you own the property jointly and therefore will not be a first time buyer.

If you are not a first time buyer then you cannot use the Lifetime ISA for your purchase.

I hope this helps!

Josh

Answered by

Joshua Gerstler

Chartered Financial Planner

I have been working in Financial Services for over 16 years. I started out at Deloitte where I trained and qualified as a Chartered Accountant before moving to Financial Advice/Planning at The Orchard Practice in 2011.