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Can I use a LISA to buy my parents a retirement home?
kyoodle
Posts: 1 Newbie
Hi all,
My parents are looking to retire in the next couple of years and would like to move somewhere quieter. Would my brother and I be able to use our LISA's to buy a retirement home for them? Neither of us have owned property before and we would not be charging our parents rent.
Thanks in advance for any advice.
My parents are looking to retire in the next couple of years and would like to move somewhere quieter. Would my brother and I be able to use our LISA's to buy a retirement home for them? Neither of us have owned property before and we would not be charging our parents rent.
Thanks in advance for any advice.
0
Comments
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I believe you need to fill in a declaration form at the point of "cashing in" your Lisa declaring that you will live in the property. I am not sure if or how this is "policed" though? My assumption also is that you would need to buy with a residential mortgage. So although you are not taking money in from your parents perhaps that would break the lenders criteria also?0
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