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When my partner re-mortgages his house and we become joint owners will I be able to use my LISA?

15 November 2021

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Question by Amy

My partner has a house. I have a LISA and would be a first time buyer. Would I be able to use my LISA when he re-mortgages the house and we become joint owners?


Answered by James Greenly

Hi Amy

Great question and not one I have been asked before!

If you were buying a new property together (in addition to the one your partner owns), then you could indeed use your LISA towards the purchase as you are still a first time buyer (even though your partner is not). Remember there are rules around the maximum value of a property etc. You can get the full details of the rules and eligibility here: https://lifetimeisa.campaign.gov.uk/#withdrawing_for_your_first_home

Your situation is a little different as a remortgage is not a purchase, nor is a change of ownership (from single owner to joint owner). The information online is not entirely clear regarding your specific circumstances. My interpretation of the rules is that you would not be able to use your LISA towards a remortgage and/or transfer of ownership. You will need to use a solicitor to assist with the transfer of ownership, therefore I would suggest you double check with them.

I hope that helps.

Best

James

Answered by

James Greenly

Chartered Financial Planner

I am a Chartered Financial Planner at Capital Asset Management, a boutique financial planning and wealth management firm based in the City of London.