choosing a mortgage company with a LISA

Olivia_Perfitt

Hi,

I am looking at opening an LISA however can't seem to find the information regarding the mortgage. If I were to open a LISA with Skipton would that then be the company that you have to use to get a mortgage? Or can you simply use them as the savings account and when I come to move out and look at mortgages have the money saved moved over?

Thanks!!

bowlhead99

When you go to buy your property, you will tell your solicitor that you need to use funds from a LISA and they will help confirm to your LISA manager that you are using the money for a qualifying purpose and so not to deduct the penalty charge from your withdrawal request.

It doesn't matter which mortgage company you use to borrow the rest of the money to buy the property. What they are concerned about is that you can afford the property and your money is from a reliable source - they won't mind if you are using LISA funds or HTB ISA funds or all your own cash, as long as you can afford the deposit and completion monies when they are needed and afford to pay off the mortgage on an ongoing basis.