You can instruct your conveyancer to use your Lifetime ISA to buy your first home from 12 months after opening it. If you’ve transferred a Lifetime ISA to us, this period starts from the date you originally opened your Lifetime ISA. The following criteria apply:
- You have held your Lifetime ISA for at least 12 months before instructing your conveyancer to use the money in it.
- If both you, and the person you are buying your home with, are first time buyers you can both use your Lifetime ISA to put towards the purchase of your home without paying a withdrawal charge.
If you are a first time buyer, but the person you are buying your home with has owned a property before then they will not be able to use their Lifetime ISA (if they’ve opened a Lifetime ISA too) towards the purchase of your home without paying a withdrawal charge. However you, as a first time buyer, would still be able to use your own Lifetime ISA towards the price of the home that you are buying together.
In both cases the price of the home you’re buying together must not exceed £450,000 if you wish to use your Lifetime ISA towards it without paying a withdrawal charge.
- The property must be purchased in the UK with a mortgage, but not a buy to let mortgage unless you, or your spouse or civil partner, are a UK Crown employee serving overseas and intend to use the property as your main residence in the future.
- You must occupy the property as your main residence immediately on completion, or if you or your spouse/civil partner are a UK Crown employee serving overseas, you must intend to in the future.