Lifetime ISA 13 January at 10:12AM in ISAs & tax-free savings 1 reply 126 views

Sypher1990

Hi guys, 

Will I be penalised if I use my lifetime isa to purchase my first home with my partner even though my partner owns a home? As I am a first time buyer. 

Also with the amount transferred from a help to buy isa, will a bonus be given for that full amount in the lifetime? and is that full 25% bonus on the first monthly bonus payment? 

Thanks for your help.

masonic

No you would not be penalised, the criteria apply to you and the home you are purchasing, other parties to the transaction do not need to be eligible.

Any money you pay in or transfer from other types of ISA will qualify for the 25% bonus, paid 1-2 months after this money is added to the account.