How can I use my Lifetime ISA to buy my first home?

Our blog post outlines the full process of withdrawing from a Lifetime ISA

You can use the amount saved in your Lifetime ISA towards your first home if:

• The property costs £450,000 or less.
• You buy the property at least 12 months after you open a Lifetime ISA. Your LISA is considered open from the date of your first contribution into the account.
• You use a conveyancer or solicitor to act for you in the purchase. Moneybox will pay the funds directly to the conveyancer or solicitor.
• You’re buying with a mortgage (using a buy to let mortgage is not permitted).
• You have never owned a property before. This includes properties in the UK or in any other country. If you owned a property, or a share of one, through inheritance this counts as owning a property.

If you’re unsure if your house purchase qualifies for a penalty-free LISA withdrawal, we’d recommend speaking with an appropriately-qualified conveyancer.

Once you’re ready to buy, just head to Settings > Withdraw > LISA at least a month before you expect to complete to provide us with your solicitor’s details and get the process started! Looking for a mortgage? Our Moneybox Mortgages team may be able to help!