Can I use my LISA towards my half of a tenants in common mortgage for a property worth more than 450k?
13 October 2022
Question by Megan
Can I use my LISA towards my half of a tenants in common mortgage for a property worth more than 450k as my share of the property will be worth less than 450k?
Thank you for your question.
Lifetime ISAs can be used to purchase a property as tenants in common, however unfortunately the total value of the property still must not be more than £450,000. The limit applies to the total sale price of the whole property, not just your share.
As a guide I have provided the other requirements below:
- You must be a first-time buyer. This means you do not own and have never owned, a property in the UK or anywhere in the world.
- You must have opened your Lifetime ISA at least 12 months ago.
- The home you buy must be in the UK and where you intend to live.
- The home must be purchased with a mortgage.
I hope this answers your question.
All the best,