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Changing a Lifetime ISA to Buy to let
dframe09
Posts: 1 Newbie
Hi.
I've been saving in a lifetime ISA for a few years now and ready to buy my first house (hooray).
I'm wondering once I remortgage 2 years later (assuming I take a 2 year fixed mortgage), could I change my mortgage to a buy to let, while still using the LISA benefits?
How I understand it, I'll use my LISA to fund my deposit on a house based at 90% LTV, and when I remortgage, I shouldn't lose any of the 25% gains from using a LISA... Please correct me if I'm wrong.
Much appreciated,
Dan.
I've been saving in a lifetime ISA for a few years now and ready to buy my first house (hooray).
I'm wondering once I remortgage 2 years later (assuming I take a 2 year fixed mortgage), could I change my mortgage to a buy to let, while still using the LISA benefits?
How I understand it, I'll use my LISA to fund my deposit on a house based at 90% LTV, and when I remortgage, I shouldn't lose any of the 25% gains from using a LISA... Please correct me if I'm wrong.
Much appreciated,
Dan.
0
Comments
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You can use the LISA ISA to help towards the deposit on a residential property.
Most BTL mortgages require 20/25% equity
Once you own a property you can of course apply to change the mortgage and property from a residential home into a Rental property.
Change of use may require approval from the Local council and Good Luck with that.
Getting a BTL mortgage may also be harder than you think0 -
Technically no if you're planning to do that - which you clearly are as you're posting about it on here! However, Martin has posted an article about this here which will give you a better idea:
https://blog.moneysavingexpert.com/2016/04/can-you-rent-out-a-home-bought-with-a-help-to-buy-isalifetime-isa/0
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