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Find out everything you need to know about using your Lifetime ISA (LISA) savings to buy your first home, how to apply for a mortgage with us and how you can claim £250 cashback when you choose a Skipton mortgage.
Establish how much you could afford and how much deposit you will need. If you're using your Lifetime ISA, the cost of your new home mustn't exceed £450,000. To avoid the government withdrawal charge, you must have made your first payment into the Lifetime ISA at least 12 months before withdrawing the funds.
Get started by using our Affordability Calculator for a detailed check based on your income and outgoings. This will give you an indication of how much you could potentially borrow with the option of completing a Decision in Principle (DIP) when you’re ready.
Once you’ve found your dream home, you’ll need to arrange a mortgage. Our mortgage advisers can talk you through our range over the phone or by video link, help you find one that’s right for you and take you through the application process.
If you're a Skipton Lifetime ISA customer you can get £250 cashback after completion when you use a Skipton mortgage to buy your first home. Terms and conditions apply
You’ll need to complete an Investor Declaration Form to access your Lifetime ISA funds, which will also ensure you don’t have to pay the government withdrawal charge. You’ll need to give the form to your conveyancer, who will need to complete a Conveyancer Declaration Form.
Once your Lifetime ISA provider receives the form from your conveyancer, the money should be transferred to them within 30 days. From this point the purchase needs to complete within 90 days or your conveyancer will have to apply for an extension.
If the purchase doesn’t proceed and the money is not returned (unless an extension has been agreed), the government withdrawal charge of 25% of the amount withdrawn will apply.
If you’re using the Shared Ownership scheme to buy your first home, 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.
Having a financial review is a great way to check whether your savings are on track
Either via webchat
or call us on0345 607 9755
Find out more and apply for our Lifetime ISA
Read our frequently asked questions about Lifetime ISA to help you quickly find the answer you need.
Using your Lifetime ISA to fund your retirement? We’ve put together what you need to know.
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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.