How can I use my Lifetime ISA to buy my first home?
You can use the amount saved in your Lifetime ISA towards your first home if:
- The property costs £450,000 or less.
- You buy the property at least 12 months after you open a Lifetime ISA. Your LISA is considered open from the date of your first contribution into the account.
- You use a conveyancer or solicitor to act for you in the purchase. Moneybox will pay the funds directly to the conveyancer or solicitor.
- You’re buying with a mortgage (using a buy to let mortgage is not permitted).
- You have never owned a property before. This includes properties in the UK or in any other country. If you owned a property, or a share of one, through inheritance this counts as owning a property.
Once you’re ready to buy, just get in touch with the team a few weeks before you expect to complete and they can get the forms to you to get the process started!