Can I use Lifetime ISA towards property if I'm a first time buyer but partner isn't?

tiasalih

I am considering opening a Lifetime ISA to save for buying a property as I will a first time buyer. I am currently living with my partner in his flat (he's got a mortgage and I'm not on the mortgage or any bills) but was wondering if I would not be able to use money saved into a Lifetime ISA for buying a house as he already has a mortgage? 

Also, if I was to be added to my partner's mortgage for the current property he had, would I be able to use the Lifetime ISA when we wanted to move propertyies?

eskbanker

If you're buying your first residential property then you can benefit from the LISA bonus, even if you buy with someone who's already owned, as long as the purchase is more than a year after opening the account, and the property is within the £450K limit.

However, if you were to buy into your partner's current property then that would count as your first property so you wouldn't be able to use the LISA towards another without penalties applying in that scenario.