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?


Answered by

Hi Megan,

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,
Allie