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  • FIRST POST
    • Tom_Hendo
    • By Tom_Hendo 8th Feb 18, 2:33 PM
    • 11Posts
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    Tom_Hendo
    LISA - First Time Buyer question
    • #1
    • 8th Feb 18, 2:33 PM
    LISA - First Time Buyer question 8th Feb 18 at 2:33 PM
    Hi All

    My girlfriend bougt a house in which I moved into and pay her rent towards. In a year her mortgage is up, and if we got a new place, I would be entitled to use my LISA to purchase it (as I am a first time buyer). This part I understand.

    If we instead decide to pay off the full mortgage and outright own the current place, what are my options? I presume that would not qualify as a first purchase and hence I couldnt use the LISA for that money? Would I still be able to qualify for first time purchase on the first house I actually buy (rather than just contribute towards the mortgage?).

    TL;DR: Basically what is my option with my LISA balance if we decide to jointly pay off the mortgage on a house that is currently owned by just my girlfriend?
Page 1
    • Ed-1
    • By Ed-1 8th Feb 18, 3:11 PM
    • 2,023 Posts
    • 1,122 Thanks
    Ed-1
    • #2
    • 8th Feb 18, 3:11 PM
    • #2
    • 8th Feb 18, 3:11 PM
    Hi All

    My girlfriend bougt a house in which I moved into and pay her rent towards. In a year her mortgage is up, and if we got a new place, I would be entitled to use my LISA to purchase it (as I am a first time buyer). This part I understand.

    If we instead decide to pay off the full mortgage and outright own the current place, what are my options? I presume that would not qualify as a first purchase and hence I couldnt use the LISA for that money? Would I still be able to qualify for first time purchase on the first house I actually buy (rather than just contribute towards the mortgage?).

    TL;DR: Basically what is my option with my LISA balance if we decide to jointly pay off the mortgage on a house that is currently owned by just my girlfriend?
    Originally posted by Tom_Hendo
    Until you are the legal owner (and therefore have a legal interest in property) you can use your LISA for a first time property purchase. Paying off the mortgage for a house owned by someone else is not owning a house yourself (unless you are added as a legal owner of it).
    • Tom_Hendo
    • By Tom_Hendo 14th Feb 18, 1:51 PM
    • 11 Posts
    • 0 Thanks
    Tom_Hendo
    • #3
    • 14th Feb 18, 1:51 PM
    • #3
    • 14th Feb 18, 1:51 PM
    Thanks for the info.

    So if we contacted the bank to completely re-mortgage and add me to the deed, would I be able to use the ISA funds as that is my first purchase of my first property.
    • Alexland
    • By Alexland 14th Feb 18, 7:38 PM
    • 1,575 Posts
    • 1,082 Thanks
    Alexland
    • #4
    • 14th Feb 18, 7:38 PM
    • #4
    • 14th Feb 18, 7:38 PM
    No you would need to use a solicitor to purchase a share of the property and your partner would need to do the same to sell their share of the property - this would probably cost more than the bonus is worth.
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