First time buyers advice - lifetime ISAs

jd0963

Hi, myself and my partner are looking to purchase our first home next year. We both have lifetime ISA savings and have never owned a home before.
We have been looking and found a home we absolutely love however the value of it is 470k - which means we couldn't use our lifetime ISA bonuses as this is capped at 450k. 
Would it be reasonable for us to make an offer of 450k? (Sorry, not sure what would be considered the norm in regards to offering lower than asking!)
Also, is it advised that we declare our limitations regarding the ISA to the seller or should we just keep that to ourselves? 
Appreciate any advice on this! Feel quite nervous about this process!

Thanks

badger09

jd0963 said:

Hi, myself and my partner are looking to purchase our first home next year. We both have lifetime ISA savings and have never owned a home before.
We have been looking and found a home we absolutely love however the value of it is 470k - which means we couldn't use our lifetime ISA bonuses as this is capped at 450k. 
Would it be reasonable for us to make an offer of 450k? (Sorry, not sure what would be considered the norm in regards to offering lower than asking!)
Also, is it advised that we declare our limitations regarding the ISA to the seller or should we just keep that to ourselves? 
Appreciate any advice on this! Feel quite nervous about this process!

Thanks

Is it worth £470k? £450k? Somewhere in between? Less than £450k? Who knows... but a house is only ever worth what someone is prepared to pay for it.  
  
Without knowing anything about the property, its impossible to say whether an offer of £450k is reasonable or not. However, that's almost 95% of asking price, so doesn't sound unreasonable to me. Whether it will be accepted or not is up to the vendors. 

Up to you what you tell Estate Agent or seller, but I see no reason to give that level of detail.
Have you got your mortgage in principle yet? Can you afford £450k?