We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
First time buyer - LISA - £450k threshold query
Options
Andrewfromlondon97
Posts: 2 Newbie
Good afternoon all,
Me and my partner are currently saving for our first home and both have LISAs.
For obvious reasons, we're going to be buying a property for no more than £450k, but what I haven't been able to work out is whether the restrictions apply to property sale price or the mortgage which we will take out.
We are planning on obtaining a mortgage for circa £500k, to allow us to carry out renovations / adaptions as required (£50k).
My query in short: if we take out a £500k mortgage but the cost of the property is £450k, will we lose our LISA incentive?
Many thanks in advance!
Me and my partner are currently saving for our first home and both have LISAs.
For obvious reasons, we're going to be buying a property for no more than £450k, but what I haven't been able to work out is whether the restrictions apply to property sale price or the mortgage which we will take out.
We are planning on obtaining a mortgage for circa £500k, to allow us to carry out renovations / adaptions as required (£50k).
My query in short: if we take out a £500k mortgage but the cost of the property is £450k, will we lose our LISA incentive?
Many thanks in advance!
0
Comments
-
No.
As long as the actual sale price of the property is 450k or less then you can use the lisa1 -
Thank you for advising!se2020 said:No.
As long as the actual sale price of the property is 450k or less then you can use the lisa0 -
Are you sure you can get (and really want) a 110% mortgage? I thought those were a thing of the past.0
-
You cannot get a mortgage for more than the sale price.Is it mortgageable as it stands? Do you have a deposit?You might need to buy it as is and then get a separate home improvement loan later.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards