Applying for mortgage with LISA not yet 12 months old

fruddie

Hi, we have our deposit saved in our lifetime ISA’s. One of these was only opened in January so we are aware we have to wait until next January to access the cash as it has to be open for 12 months. If we buy a new build we would need to reserve a few months before completion. Are we able to reserve a new build and apply for a mortgage before we have access to the money, as long as completion would be after January, or do we have to wait until after January to even reserve a house and apply for the mortgage. We can demonstrate we have the money in the account for the mortgage application but I’m not sure if we can apply before the 12 months. 

Getting_greyer

I got told I can fill the paperwork out prior for release as at the 12 month point. 

So in your case, paperwork in December for release in Jan.  Though I still had some unanswered questions. Such as can the money be released on the exact 12 month point or does it require time to action.

fruddie

@Getting_greyer so did you still reserve the home before the 12 months? And apply for the mortgage? But then final paperwork when you reach 12 months. EDIT- Sorry I just saw the rest of your message! I have read from Moneybox who our Lisa is with that you have to request withdrawal of funds a few weeks before completion but assume you can’t request until the 12m date so that would then be another few weeks from that day for it to process

Getting_greyer

I haven't done anything yet apart from views properties, same boat as you. I've just asked the Lisa provider for clarity.  I've basically asked if you can line the ducks up to complete a property on the anniversary of you opening the Lisa or is only able to submit from that date. 

Getting_greyer

So they said submit paperwork early and wait for the 12 month point to release the funds.