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  • FIRST POST
    • kalo88
    • By kalo88 11th Jan 18, 6:50 PM
    • 3Posts
    • 0Thanks
    kalo88
    Lifetime ISA Question
    • #1
    • 11th Jan 18, 6:50 PM
    Lifetime ISA Question 11th Jan 18 at 6:50 PM
    Hey All,

    I've looked on tons of different websites about Lifetime iSA's and they all answer the same questions, but don't make it entirely clear on what the money can be used for.

    Imagine now I have £10,000 in my Lifetime ISA, the bonus would be £2,500 taking me up to £12,500.

    Can that £12,000 be used to do option 1, or option 2 only;

    1) Put £10,000 down for a deposit and use the remaining £2,500 to cover things like surveys, legal fees etc
    2) You have to use the full £12,500 as a deposit and it cannot be used for the above?

    Thanks all in advance, because there's no information online i can find about the above.
Page 1
    • AirlieBird
    • By AirlieBird 11th Jan 18, 7:44 PM
    • 783 Posts
    • 600 Thanks
    AirlieBird
    • #2
    • 11th Jan 18, 7:44 PM
    • #2
    • 11th Jan 18, 7:44 PM
    The withdrawal must be used towards the purchase price of the property. It is paid directly to your conveyancer by your LISA provider on receipt of a declaration from the conveyancer that the funds will only be used towards the purchase price of the property.
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