In order to use the LISA towards your first home certain criteria needs to be met:
The property needs to be in the UK, and cost £450,000 or less.
You buy the property at least 12 months after you open a Lifetime ISA. The open date of your LISA is the date of your first contribution into the account.
You are buying with a mortgage (buy to let mortgages are not permitted). Please note that the mortgage itself also cannot be provided by a family member, however you can still use your LISA to purchase your home with somebody else, as long as the property satisfies all of this same criteria.
You use a conveyancer or solicitor to act for you in the purchase. Moneybox will pay the withdrawal directly to them.
You have never owned a property previously. This includes properties in the UK or in any other country. If you have owned a property (or a share of one) through inheritance, this counts as owning a property and you will not be eligible to use the LISA as a first-time buyer.
You can use the LISA to buy your first home with another person, regardless of whether or not they're also a first time buyer 👍
If you’re unsure as to whether you meet the criteria above, just get in touch and we can answer any questions! Tips and tools for buying your first home, as well as our Moneybox Mortgage Advice service, can be found in Accounts > Mortgages.
Once you’re ready to buy (before the purchase completion date), just head to Settings > Withdraw > LISA to send us your solicitor’s details and get the process started.
Please note, we'll need all the relevant information from you and your solicitor around 3 weeks before you need to use the funds in order to process the withdrawal in good time. 🏠