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I’m a first time buyer, my partner is not. Will I be able to use my LISA for my 50% share when we buy a property?

07 October 2021

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Question by Freya

I’m a first time buyer, my partner is not. I have a lifetime ISA and we are planning to buy a property with a bridging loan so we can renovate it and then either mortgage and sell it or get a buy to let and rent it out. Will I be able to use my LISA for my 50% share of buying the property?

Answered by Joshua Gerstler

Hi Freya,

Your Lifetime ISA must be used for a property that you are going to live in.

So if you are planning on living in the property whilst you renovate it you should meet the criteria.

If the plan is to live elsewhere whilst you renovate it, then you would not be able to use your LISA.

On the assumption that you do meet the criteria, the fact that your partner is not a first time buyer is fine. You are still allowed to use your LISA for the purchase.

As bridging loans are expensive, it might be worth considering whether you would actually be better off taking out a traditional mortgage instead, even if this means you need to forgo the LISA bonus.

I hope you find this helpful.

Feel free to get in touch anytime.


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.