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Interpretation of LISA Rules
RaquelWelch
Posts: 1 Newbie
My first post here, hoping you can help. I have a LISA in which I have saved a deposit for a first time buy. I have spoken to a Mortgage advisor and have been told what I can afford. So I'm now ready to do this, or at least start the process. The rules to using the LISA and keeping the bonus say that I can only buy a property for myself to live in, with a residential mortgage. The trouble is the area I live in is VERY expensive and the only properties which are affordable are where BTL landlords are offloading properties and they are all tenanted. Is there any way I can buy one, wait for the tenant to go and then live in it? Otherwise I'm a bit stuck for options. Hoping someone here might have a solution.
0
Comments
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you would need a BTL mortgage which often needs a 25% deposit and can be difficult to get if you don't already own a property. (and could not use the LISA)1
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You do realise that it could take years to legally evict a tenant, or it may even be impossible if the current LL hasn't got the correct paperwork.
But no, you can't use your LISA.1 -
Aside of it being hard to do.
Why would you want to be a landlord and potentially have what will be your home trashed, no rent paid for months on end and a bill you have to pay regardless. Then the faff of getting a residential mortgage when you do move in and the fees.
Of course that's worse case but sounds like madness to me.1
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