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LISA + mortgage buying 2 properties
cryvate
Posts: 33 Forumite
I am potentially going to buy 2 properties that are bordering:
- a (semi-detached) property to live in
- a much smaller property that is currently an office (but we would convert to a dwelling later, effectively being an annex)
Say the former is worth £425k and the latter £100k and I am a first time buyer. Insofar as I can tell, to qualify for the LISA bonus (or more like, not have the penalty), I would have to buy the former first and then the latter. In itself, that's not a problem, however from my talking to a mortgage broker I could get a mortgage for both properties as one, but would the fact they would be bought separately (but say only a day apart) be a problem, or the fact the mortgage is for both be a problem for the LISA?
TBH, it wouldn't be the end of the world if I had to pay the penalty, but good to know for budgeting.
- a (semi-detached) property to live in
- a much smaller property that is currently an office (but we would convert to a dwelling later, effectively being an annex)
Say the former is worth £425k and the latter £100k and I am a first time buyer. Insofar as I can tell, to qualify for the LISA bonus (or more like, not have the penalty), I would have to buy the former first and then the latter. In itself, that's not a problem, however from my talking to a mortgage broker I could get a mortgage for both properties as one, but would the fact they would be bought separately (but say only a day apart) be a problem, or the fact the mortgage is for both be a problem for the LISA?
TBH, it wouldn't be the end of the world if I had to pay the penalty, but good to know for budgeting.
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