Using LISA for Mortgage

Afternoon · 9 January 2021 at 1:08AM

Hi there

I've recently received an inheritance and was wanting to put that towards my first property. I would also to use my LISA as well. So far I've been maxing it out (£4k). I've been looking at the smallest mortgages possible so I can use the bonus money from the government towards my first home. I've been looking at the government website and it states that it needs to be used with a mortgage, therefore, are there any issues you think could arise from doing so? I read somewhere that anything under £25,000 is not considered a mortgage but I've also heard otherwise, I was hoping to take out about £5,000 for my mortgage.

Thanks