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Minimum mortgage amount to allow use of LISA

mattyk123
Posts: 10 Forumite

My partner and I both have a substantial amount saved to buy a first home together. Approx 60k combined in LISAs forms part of this. Due to our work which restricts us to being "Freelance PAYE" - short term contracts in the film industry (often with gaps), we've found meeting the normal criteria for a mortgage isn't straightforward. To help get around this we've generously been offered a lump sum from family so as to not need a mortgage to get on the ladder, but according to the rules our LISAs can't be used for cash purchases. Is there a minimum mortgage amount we can apply for so that we can tick the box for using the LISA? And anyone with experience, are there any reputable banks known for small mortgage amounts?
Many thanks
Many thanks
0
Comments
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No minimum mortgage under LISA rules, so it would be the minimum mortgage the lender will give you. I would guess that is in the range 25-40k for most lenders.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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