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using LISA funds when being added to a mortgage or joining a re-mortage?
breaktwister
Posts: 7 Forumite
I would like to add my partner, first time buyer with LISA funds, to my mortgage. Can the LISA funds be used and released to me as the "seller"? If not, I understand that a re-mortgage is the same as a full mortgage application, can LISA funds be used upon a re-mortgage?
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Comments
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I’m not sure you can just add someone to your mortgage. The mortgage lender would probably want to assess your partner first. It does seem it is possible though for your partner to use her LISA funds when purchasing a property as a joint owner where the other individual (you) already owns the property.breaktwister said:I would like to add my partner, first time buyer with LISA funds, to my mortgage. Can the LISA funds be used and released to me as the "seller"? If not, I understand that a re-mortgage is the same as a full mortgage application, can LISA funds be used upon a re-mortgage?
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/695292/example_of_Investor_model_dec.pdf
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Yes, I am fairly sure that the LISA can be used as part of a re-mortgage application. I am not so sure if it can be used if simply adding the LISA holder to an existing mortgage. In either case I am not sure if the LISA funds can only be released to the mortgage company to bring down mortgage sum, or if it can be released to me as seller of equity.0
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