📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

LISA with shared ownership

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! 

Comments

  • eskbanker
    eskbanker Posts: 36,928 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
  • 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.”
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.4K Banking & Borrowing
  • 252.9K Reduce Debt & Boost Income
  • 453.3K Spending & Discounts
  • 243.4K Work, Benefits & Business
  • 598K Mortgages, Homes & Bills
  • 176.6K Life & Family
  • 256.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.