LISA with shared ownership

charlieXX

I have a LISA with Moneybox and it says you need to get a mortgage in order to use your LISA savings for purchasing a property. I was hoping to use my LISA savings without getting a mortgage for a shared ownership property. I have found one website that says if it is a shared ownership property you don’t need to get a mortgage but can’t find any further info - does anybody know what is correct? Thank you! 

eskbanker

The official gov.uk pages state that a mortgage is needed for any penalty-free LISA withdrawals for a first property purchase, where have you seen anything to the contrary?

Investors can make one single or several charge-free withdrawals from a Lifetime ISA for a first time residential purchase if:

• [...]
• the investor will purchase the property with a loan taken as a charge over the property for example a mortgage (excluding a ‘Buy to Let Mortgage’)

https://www.gov.uk/guidance/lifetime-isa-withdrawals-for-a-first-time-residential-purchase

charlieXX

Thanks that must be correct then! It implied it on Hargreaves Lansdown - “You’ll need to be buying the house with a mortgage, regulated home purchase plan or through a shared ownership arrangement.”