Using LISA to buy property with partner

FranChastney

Hi,

I have just set up a LISA. Hypothetically, I'll be buying my first property with my partner. My partner does not qualify for a LISA as his parents have a property in his name.

So my question is, if we are buying together, am I able to use the money from my LISA? Or because I'll be buying with someone who technically isn't a first-time buyer, does that mean I also don't class as a first-time buyer?

Hope that makes sense!

Mark_d

To qualify you must both be first time buyers.

eskbanker

Mark_d said:

To qualify you must both be first time buyers.

Not true - the one using the LISA (without withdrawal penalty) must be a first time buyer, and buying with a previous property owner doesn't negate that.

If you're a first-time buyer making a purchase with someone who's owned before, you can still open one and use it towards a home purchase together, but the partner who's previously owned a property can't open one.

https://www.moneysavingexpert.com/savings/lifetime-isas/#property-3