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MSE News: Government fails to act on Lifetime ISA fines
Comments
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The 450k cap applies to the total value of the property even if you are using a part buy part rent scheme. This means that in London and the SE struggling first timers who need to use such a scheme to get going at all are penalised if e.g. they buy a 25% share for 125k as that means a nominal 500k which is over the cap. 450k is not a generous amount however you look at it.0
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If they even made it so that £450K could be the share of the home you were buying, it would help. If you have to use a shared ownership scheme (with the ongoing rent and potential uncertainty around that) then you are not undeserving of help. Obviously there would have to be other caveats, like you can't buy a share of a house for more than it is worth, and couples shouldn't be able to use LISAs and buy a house for £900K.0
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