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Using Lifetime ISA for transfer of equity
andauos
Posts: 3 Newbie
My partner has a joint mortgage with her brother.
If I buy her brother out (transfer of equity) would this still qualify for the 25% goverment bonus?
(I will be looking to take on his share of the mortgage plus what I would need to buy him out with a mixture of deposit and addtional loan.)
If I buy her brother out (transfer of equity) would this still qualify for the 25% goverment bonus?
(I will be looking to take on his share of the mortgage plus what I would need to buy him out with a mixture of deposit and addtional loan.)
0
Comments
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Potentially it would qualify, if her brother formally sells his stake in the property to you and you either remortgage the property with your partner or are able to convince a lender to take a second charge.
You would need to discuss with a conveyancer/solicitor as to whether the terms of the transaction meet eligibility criteria. It may be cheaper overall to transfer the equity in a way that wouldn't qualify for a penalty free LISA withdrawal.0
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