LISA if I owned a house over 10yrs ago

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Smartypants82
Smartypants82 Posts: 1 Newbie
in ISAs & tax-free savings
Myself and my partner owned a property in the past but sold it 12 years ago. We have rented since and are trying to get back onto the property ladder. Would we be considered as first time buyers again since it’s been so long since we owned a property? And could we therefore be able to open a LISA for the purposes of saving for a deposit ?

TIA

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  • pramsay13
    pramsay13 Posts: 1,952 Forumite
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    No as you are no longer a first time buyer.
    You can still open a LISA and use it to save money, but if you withdraw for a house purchase you will incur penalty of 25%.
  • sully1311
    sully1311 Posts: 380 Forumite
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    Not to be rude but you're not a first time buyer are you?
  • Alexland
    Alexland Posts: 9,653 Forumite
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    sully1311 wrote: »
    Not to be rude but you're not a first time buyer are you?

    Be nice - people get easily confused as the mortgage lenders treat them as FTBers again but the government (for the purposes of the LISA or HTB bonus) do not.
  • movilogo
    movilogo Posts: 3,186 Forumite
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    Anyone below 40 can open LISA. But unless you are FTB and withdrawing to purchase a house, you can only withdraw when you are at 60 without paying a penalty.
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
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