Lifetime ISA - Is my first time buyer status void now I am Married to an homeowner?

James_Day

Hi

I have a lifetime ISA where I have accumulated significant funds as a first time buyer to purchase a property.

However I recently married my partner who already owns a property prior to our marriage (the mortgage and deeds etc. are solely in her name - I have no connection to the property other than being married).

My question is now that I am married to an homeowner as above - am I no longer considered a first time buyer for using the lifetime ISA? We planned to buy a home together but I am concerned that now I cant use my lifetime ISA for the deposit and where If i withdraw the funds I will get a 25% tax from the government (I would lose my government bonus plus it would work out at about an additional £750 fee that the government would get at my expense) marriage tax?

I questioned this when I looked up the rules around being married for stamp duty purposes.

Thanks in advance

Regards
James

Zorillo

You're still a first time buyer.

Alexland

The LISA definition of a FTBer is the same as a HTB ISA. Although in the right circumstances you may have claim on your partner's assets in a divorce you do not currently own them so are still a FTBer. They are not a FTBer but that wouldn't stop you buying together and using your LISA without penalty.

https://lifetimeisa.campaign.gov.uk/#withdrawing_for_your_first_home

https://www.helptobuy.gov.uk/documents/2015/12/eligibility-of-ftbs.pdf

Alex

James_Day

Zorillo wrote: »

You're still a first time buyer.

Thank you for the confirmation.

Regards James

James_Day

Alexland wrote: »

The LISA definition of a FTBer is the same as a HTB ISA. Although in the right circumstances you may have claim on your partner's assets in a divorce you do not currently own them so are still a FTBer. They are not a FTBer but that wouldn't stop you buying together and using your LISA without penalty.

Alex

Thanks for the confirmation.

Regards
James

xylophone

We planned to buy a home together

As well as the one you planned to buy separately?

https://forums.moneysavingexpert.com/discussion/5921930/stamp-duty-first-time-buyer-marries-homeowner-new-property

Since marriage my plan was to buy my own home (solely my name on the deeds and mortgage etc,) separate to my wife as we like our own space and storage and I work away alot etc. - you could say we are not that traditional.

xylophone

insulating?

Creating a protective barrier?:eek:

No insinuation ....it's just that one post declared the intention to buy alone and the other to buy together which seemed somewhat contradictory.