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Porting a mortgage with a Lifetime ISA?

Hello,
First post so thanks in advance for your help.

My partner and I are looking to buy together and I'm currently researching the best way to approach things. I have a lifetime isa (as a first time buyer), and he owns the home we live in now. He remortgaged approx 6 months ago to a much better rate. The mortgage he has is portable and we would obviously like to avoid paying early repayment fees if possible when we buy a place together and take out a mortgage together. We would be looking to borrow more than what he currently owes on the current house. So my questions are...

-Is it possible to add another person (i.e. me!) to the mortgage if he can port the mortgage to the new property?
-If so, could I use my lifetime isa funds as a deposit as part of this process?
-Lastly, would my partner also be able to use some of his savings to pay down as a deposit as part of this process (reducing the amount we would need to borrow in the mortgage?)

I read somewhere that the porting application process is similar to that when applying for a new mortgage, which made me think this might be a possible option, and that by doing this we could possibly use the lifetime ISA (& bonus) whilst avoiding any early repayment charges.

Any advice or info you might have is appreciated :)

Thanks!

Comments

  • beanielou
    beanielou Posts: 95,838 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Mortgage-free Glee!
    Bumping this.
    Board guide~~could you please move this to the main mortgage section? Thanks :)
    I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.

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