First time buyer / partner not

arhiani

Hiya , 

My partner and I want to buy a house together , I would be a first time buyer however he already owns a house .
Can I still use any money I have saved in my H2B / LISA if we are buying together ? 
I currently have a H2B but am planning to switch to a LISA if this is feasible and possible .

Thank you 

margaretx9

Yes - you can. Eligibility for the HTB bonus/Lifetime isa early withdrawal is still based on the £250k/£450k property value limits - even if you only own half.
You can't take advantage of the first time stamp duty relief though if buying with someone who owns a property or has owned one before.

arhiani

@margaretx9 thal you so much !! 

Alexland

arhiani said:

I currently have a H2B but am planning to switch to a LISA if this is feasible and possible .

Remember your LISA contributions will still be limited to £4k per tax year and the account would need to be open for at least 12 months to use without penalty against a qualifying property purchase. As such if you have been running with the HTB ISA for a while it may take time to build up an equivalent balance.

arhiani

Alexland said:

arhiani said:

I currently have a H2B but am planning to switch to a LISA if this is feasible and possible .

Remember your LISA contributions will still be limited to £4k per tax year and the account would need to be open for at least 12 months to use without penalty against a qualifying property purchase. As such if you have been running with the HTB ISA for a while it may take time to build up an equivalent balance.

@Alexland, well I only have £2000 in my help to buy . So my NEXT question would be , if I open a lifetime ISA now , I could save 4k in the next year PLUS my 2 k from the help to buy ?
Help to buy has such a small limit I thought it best to switch asap. 
I have savings that I wont be able to contribute to the ISA , but such is life 

Alexland

Well if you can afford to get the full £4k in a LISA each tax year then there's no hurry to withdraw from the HTB ISA as it probably gives a good interest rate even if you don't intend to claim the bonus. You are fine to contribute into both in the same tax year as they are different types of ISA. Once you buy a property with the LISA you are no longer be eligible to hold a HTB ISA so should close it.