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    • Home • Advice • Common questions

    I am a first time buyer, my partner is not. Will I still be able to use my Lifetime ISA?

    20 November 2023

    Question by Alice

    I am a first time buyer, my partner is not. Will I still be able to use my Lifetime ISA, and benefit from the 25% bonus to contribute to our purchase? Will this 25% be taken from me?

    Answered by

    Hi Alice,

    Thanks for your question.

    You will be able to use your Lifetime ISA towards the property purchase (including the 25% government bonus), even though your partner is not a first time buyer. The fact they are not a first time buyer, just limits them from using any Lifetime ISA funds they may hold.

    As a general note, Lifetime ISA accounts need to have been held for a period of 12 months before purchase, and the property must not be worth more than £450,000. There are other conditions that apply, all of which can be found using the following link - https://www.gov.uk/lifetime-isa#:~:text=The%20Lifetime%20ISA%20limit%20of,or%20earn%20the%2025%25%20bonus.

    I hope this is useful, please do get in touch if you have any further queries.

    Happy House Hunting!

    Best wishes,

    Lydia

    Important stuffHolly and the team have worked in the finance industry for many years but we are not regulated to give you personal financial advice. For every story on this website about a good investment, or something which went up by 10% or made someone £200, we could also share a story about a bad investment, something which fell in value or lost someone £200. We aim to provide general information and pointers – and btw we are totally agnostic about which providers you might pick – but if you have complex affairs, want personalised advice or need specific recommendations, please look at advice pages and see if regulated digital or traditional financial advice would be the best solution for your needs. Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.