My partner and I are saving for our first house, hoping to benefit from our Lifetime Individual Savings Accounts (Lisas). Would I be able to use my Isa as a deposit on a house in conjunction with my partner’s if only my partner’s name is on the mortgage?
Sarah Coles, personal finance analyst at Hargreaves Lansdown, says the guidance on this was written pretty obliquely, so it’s no wonder you were finding it difficult to get a straight answer. The good news is that HM Revenue & Customs has just put out new guidance which is much clearer. The bad news is that you can’t do what you have planned.
Any individual who uses a Lisa also has to use a mortgage to buy the property, so for both you and your partner to use your Lisas, you would both need to be named on the mortgage.
If you choose to go ahead just using your partner’s Lisa and the mortgage in their name, you may also run into difficulties finding a mortgage company willing to lend to a single individual…