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Life time ISA for house purchase
Coul0068
Posts: 8 Forumite
Hi all. This is my first post so please go easy!
My current situation is the following.
I am married.
25 year mortgage.
I have had my mortgage now for four years and I am on a 10 year fixed interest rate.
My wife is not on the mortgage or the house deeds.
I have a goal of paying my mortgage off early, which I believe is achievable.
My question is could my wife save into a lifetime isa for the next 6 years then use the lifetime isa and the 25% bounus towards buying a share of my property? Becoming a Tennant in common? Perhaps 50%?
In a similar scenario could she perhaps own 80% of the property so as I can release equity from the property.....I know this would involve a longer mortgage but I am just curious as it would effect how much I need to invest into the lifetime isa!
As some have probably guessed by this point my mortgage is very small 50k. By the time my 10 year fix is over I will owe 38k. My goal would be to have 28k in the stocks and shares isa in 6 years! Then only leave a 10k mortgage for my wife to pay!
Many thanks in advance.
My current situation is the following.
I am married.
25 year mortgage.
I have had my mortgage now for four years and I am on a 10 year fixed interest rate.
My wife is not on the mortgage or the house deeds.
I have a goal of paying my mortgage off early, which I believe is achievable.
My question is could my wife save into a lifetime isa for the next 6 years then use the lifetime isa and the 25% bounus towards buying a share of my property? Becoming a Tennant in common? Perhaps 50%?
In a similar scenario could she perhaps own 80% of the property so as I can release equity from the property.....I know this would involve a longer mortgage but I am just curious as it would effect how much I need to invest into the lifetime isa!
As some have probably guessed by this point my mortgage is very small 50k. By the time my 10 year fix is over I will owe 38k. My goal would be to have 28k in the stocks and shares isa in 6 years! Then only leave a 10k mortgage for my wife to pay!
Many thanks in advance.
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