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 Lydia Taft

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

Answered by

Lydia Taft

Financial Planner

I began my career in Financial Services back in 2012, selling insurance and from there I went on to work for a large Wealth Management company before moving across to Financial Planning.