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Can I use my LISA to buy into my partners home?
TryingMonster
Posts: 2 Newbie
Posting on here because I haven't been able to find an answer elsewhere.
I started a LISA quite a few years ago now which is now a fairly sizeable amount of money.
In the last few years, I have met my partner who already owns a home, I have moved in, and I'm no longer looking to buy my own place right now. When we do move, we are looking at a bigger family home, which will likely unfortunately be over the £450k LISA limit, so I won't be able to use my LISA for this without the penalties.
Would it be possible to use my LISA towards my partners current mortgage, and if so, would this be a sensible thing to do? Or does it have to be a 'new' purchase.
Hope that makes sense.
Thank you in advance for any advice.
I started a LISA quite a few years ago now which is now a fairly sizeable amount of money.
In the last few years, I have met my partner who already owns a home, I have moved in, and I'm no longer looking to buy my own place right now. When we do move, we are looking at a bigger family home, which will likely unfortunately be over the £450k LISA limit, so I won't be able to use my LISA for this without the penalties.
Would it be possible to use my LISA towards my partners current mortgage, and if so, would this be a sensible thing to do? Or does it have to be a 'new' purchase.
Hope that makes sense.
Thank you in advance for any advice.
0
Comments
-
No, a LISA cannot be used to pay down an existing mortgage (outside of withdrawing the funds and paying the penalty).
Here's what i can be used for:
https://www.gov.uk/lifetime-isa/withdrawing-money-from-your-lifetime-isa0 -
My name is not currently on the property - I mean more when it comes round to remortgaging, if I did add my name onto the property and pay the deposit towards it when remortgaging. Does the same apply?0
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