LISA for a house deposit

izwhizz

Hi All, 
I am struggling to find any information as to whether or not i am only allowed to use the LISA as a deposit or i am able to add additional savings when they time comes to put down a deposit?
Thanks in advance

Alistair31

https://www.gov.uk/lifetime-isa

izwhizz

Alistair31 said:

https://www.gov.uk/lifetime-isa

Thank you for the link, but it doesn't state if i can combine with additional funds once withdrawn to use for a deposit. For example, say i needed a deposit of £50,000, the LISA had £25,000 (£4000 over 5 years with 25% bonus) and £25,000 was held in another account, can i combine the two funds to use as a deposit? It is very unclear   

masonic

Provided you use the full amount withdrawn from the LISA towards the property in line with the scheme rules, you can use funds from other sources as well.

izwhizz

masonic said:

Provided you use the full amount withdrawn from the LISA towards the property in line with the scheme rules, you can use funds from other sources as well.

Yes, of course. Thank you for the info, do you know of any websites detailing this? 

masonic

izwhizz said:

masonic said:

Provided you use the full amount withdrawn from the LISA towards the property in line with the scheme rules, you can use funds from other sources as well.

Yes, of course. Thank you for the info, do you know of any websites detailing this? 

No, I'm not aware of any source that explicitly states you can do what you ask. Neither am I aware of any sites you can go to confirm you are allowed to exchange contracts on a Friday, but I'm fairly sure that is also allowed.

wjr4

izwhizz said:

Alistair31 said:

https://www.gov.uk/lifetime-isa

Thank you for the link, but it doesn't state if i can combine with additional funds once withdrawn to use for a deposit. For example, say i needed a deposit of £50,000, the LISA had £25,000 (£4000 over 5 years with 25% bonus) and £25,000 was held in another account, can i combine the two funds to use as a deposit? It is very unclear   

You can. You don’t solely rely on your lifetime isa. 

bowlhead99

izwhizz said:

Alistair31 said:

https://www.gov.uk/lifetime-isa

Thank you for the link, but it doesn't state if i can combine with additional funds once withdrawn to use for a deposit. For example, say i needed a deposit of £50,000, the LISA had £25,000 (£4000 over 5 years with 25% bonus) and £25,000 was held in another account, can i combine the two funds to use as a deposit? It is very unclear   

The link says that you can take money out of the account without a penalty and use these savings 'to help you buy your first home if all the following apply: xxxx'

A home will likely cost you more than the £25000 that you can save in five years, so you will pay for the rest of the home with a combination of savings from other places, and a mortgage.