How do I use my Lifetime ISA to buy my first home?
You can use our award-winning Lifetime ISA, including the government bonus, to buy your first home. There are some conditions though.
You’ll need to:
- Be a first-time buyer (i.e. you’ve never owned a home anywhere in the UK or the rest of the world – this includes any home you’ve inherited or owned with someone else)
- Have been saving into your Lifetime ISA for at least 12 months
Likewise, the property must also meet certain conditions. It must be:
- In the UK
- Purchased for £450,000 or less (even if you’re buying with someone else)
- Where you intend to live (not a buy-to-let)
- Purchased with a mortgage
If you’re buying with someone else and you’re both first-time buyers, you can both use your LISA towards buying the home. If the other person is not a first-time buyer but you are, only you can use your LISA towards the purchase.
To buy your first home with your Lifetime ISA, you need to contact your solicitor/conveyancer directly. They’ll ask you to complete a declaration. Then, they’ll complete their own declaration and send it to us.
If the declaration we receive is valid, your LISA money will be sent directly to your solicitor/conveyancer to fund your house purchase. You’ll need to allow at least 10 working days for this money to transfer. Keep in mind you can't use this money for additional costs, such as solicitor fees or furniture and fittings.
You'll also need to make sure you have the cash available in your Lifetime ISA when your solicitor/conveyancer sends us the request.
Once the cash has been sent to your solicitor/conveyancer, the purchase has to complete within 90 days. If it takes any longer, the cash will need to be returned to your Lifetime ISA. However, your solicitor/conveyancer may be able to request an extension for you.