Buying Home with Lifetime ISA

tangichap

Hello everyone,

I have been a silent reader until now, and its time for me to get some advice. I am a non-european(I have Indefinite Leave to Remain) and my wife has gone through naturalization to become a British. We are planning to buy a home now.
Now, I and wife have LISA(Lifetime ISA) for first-time buyers, the query is can we use it partially for home and leave some money in the pot that can be used for retirement, where we can keep topping up the money to get 25% of the injection support on the money?
Have anyone used LISA money to buy a property here and what are the steps we have to follow to get one? Also, I presume we cannot combine Help to Buy with LISA first time buyer benefits? Any advice and experience?

Thanks,

SavingAway88

Hi there,

Lifetime ISAs are great, I'm saving into mine but I haven't bought with it yet. However, I've done a lot of research.

No, you can't use it together with a Help to Buy ISA (they are now closed to new applications anyway, so if you didn't have one, don't worry about it. If you do have one, transfer it over to the Lifetime ISA instead).

Unless you meant can you use the Help to Buy Equity Loan scheme and pay your deposit with the Lifetime ISA? In which case, yes, you can.

You can also continue paying into the Lifetime ISA after you've used it for your deposit. You will continue receiving the interest and can keep paying into it up until your 50th birthday. You can only access it after your 60th birthday.

Hope that helps!

tangichap

Hi @SavingAway,

Thanks for your reply. That's good to know that we can use the Help to Buy equity loan and your Lifetime ISA. That's a boost.

Thanks,

Facknats

"What are the steps we take to get one"

If by that you mean get a property with your LISA, the conveyancer handles it- I think I was quoted £50 fee. Beware you need to request the funds in advance as they have a processing time, it's not immediate- again I THINK that processing time is 30 days but you'll want to double check that with the conveyancer in case my memory has failed.

tangichap

Thanks Facknats.