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First time buyer - LISA - £450k threshold query
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
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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
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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
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