To purchase a property with a Lifetime ISA, the property you buy must:
Be your first home anywhere (not just in the UK)
Be purchased at least 12 months after you make your first payment into the Lifetime ISA
Use a conveyancer or solicitor to act for you in the purchase - the ISA provider will pay the funds directly to them
Be bought with a mortgage (i.e. you cannot buy the property outright)
Be your primary residence (i.e. you cannot use a Lifetime ISA to purchase a property to rent out to others)
From the 29th October, If your property is worth more than £450,000, you can still use your LISA towards your purchase, however this will be subject to a 20% fee from HMRC. If this is you, you can process your request in the Tembo app as normal. Got questions? You get in touch with our home purchase team via [email protected]
If you are unsure if a property (or piece of land) meets the Lifetime ISA requirements, the best thing to do is to check with a conveyancer.
You cannot use your savings to buy a home if you’re getting a private mortgage from:
your relative (a parent, grandparent, child, grandchild or sibling)
someone who is married or in a civil partnership with your relative
your spouse or civil partner
a relative of your spouse or civil partner
someone who is married or in a civil partnership with a relative of your spouse or civil partner