Find out more about how to use your LISA.
After all the waiting and saving the moment may have finally come to use your Lifetime ISA to buy your first ever home. But what do you do next? How do use the money you’ve saved up to buy your first home? It’s an exciting time, but a confusing one so we’re here to help make it as simple as possible.
Helping people into homes is something that we’ve been doing since 1853, so you can trust us to help you too.
Exclusively for Lifetime ISA customers (terms and conditions apply^)
We have a range of fixed and variable mortgages to help get you on the property ladder.
We won’t charge you for valuing your property for mortgage purposes
Get started by using our Affordability Calculator for a check based on your income and outgoings. This will give you an idea of how much you could potentially borrow. At the end, you can also request a Decision in Principle (DIP), if you're ready, or you can do this within 30 days of receiving your calculation.
Remember, your new home must be in the UK and it mustn't cost more than £450,000 if you’re planning to use your Lifetime ISA. Plus, you must have made your first payment into the Lifetime ISA at least 12 months before withdrawing funds to avoid the 25% government withdrawal charge (20% for withdrawals between 6 March 2020 and 5 April 2021).
You’ve found a home that's right for you and it’s time to make an offer. Many sellers and estate agents may ask you to provide proof of a Decision In Principle (DIP) or Agreement in Principle (AIP), as assurance that you can get a mortgage. Our DIP is a non-binding agreement from us showing how much we may be prepared to lend based on your income and expenditure.
Our Skipton Mortgage Advisers can talk you through our range of mortgages for first time buyers, help you find one that's right for you and take you through the application process. We have a range of fixed and variable rates available.
Your savings will remain in your account until they’re needed by the conveyancer handling your purchase. So, when the time comes:
If the conveyancer finds they need more than 90 days they can ask for an extension. If the sale doesn’t go ahead they must return the money to us to put back into your Lifetime ISA. If the money is not returned (unless an extension has been agreed), the government withdrawal charge of 25% of the amount withdrawn will apply (20% for withdrawals made between 6 March 2020 and 5 April 2021.)
If you’re using the Shared Ownership scheme, your Lifetime ISA can be used towards the deposit when you buy your initial share, but it can’t be used without paying the government withdrawal charge to buy any further shares in future.
Please ensure forms are both fully completed and submitted via your conveyancer.
Subject to our normal affordability assessment and lending criteria at the time, Skipton Lifetime ISA customers who are buying their first home with a Skipton mortgage will be eligible for £250 cashback following completion of their mortgage.
This offer is only valid for mortgages completing from 6 April 2018 to 30 June 2027.
Cashback will be paid for new mortgages where at least one of the applicants is a Skipton Lifetime ISA customer buying their first home.
If the mortgage is in joint names and with another Skipton Lifetime ISA holder, only one cashback amount will be paid.
Cashback will only be available once.
Speak to our team online via webchat
If you've got any questions
Find out about each stage from applying for a mortgage to moving in.
We cover the important facts, the things to think about, and information on the government bonus.
Read our frequently asked questions about Lifetime ISA to help you quickly find the answers you need.
*To help maintain service and quality, some telephone calls may be recorded and monitored.
Site intended for UK residents only. Skipton Building Society is a member of the Building Societies Association. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, under registration number 153706, for accepting deposits, advising on and arranging mortgages and providing Restricted financial advice. Principal Office, The Bailey, Skipton, North Yorkshire, BD23 1DN.