Will I be able to use my LISA bonus for a house currently owned by a family if we all remortgage/take out a new mortgage together?

04 August 2022

Question by Jessica

Hi guys. I am a first-time buyer with some money for a deposit currently sitting in a LISA. An opportunity has come up to buy a 50% share of a home that is currently owned by family. Will I be able to use my LISA bonus for this if we all remortgage/take out a new mortgage together? Thanks!


Answered by Chris Broome

Hi Jessica,

The Lifetime ISA (LISA) rules allow the full value of the LISA to be used towards the purchase price of your first residential property in the UK.

This includes when the purchase is being made as a joint owner with another person who may already own the property.

So, yes, as long as you are a first-time buyer, you can buy a share of your family property.

Your conveyancer must give the LISA manager (the bank or building society it is with) all the details before the withdrawal is made.

I hope that all helps. Good luck and all the best for your future.

Kind regards

Chris Broome

Answered by

Chris Broome

Chartered Financial Planner

My name is Chris Broome and I own a wonderful fixed-fee and independent financial planning practice called Longhurst.