The Question
I am looking at buying a home after years of renting. I have a Lifetime ISA (LISA); however, I am not sure if I can use it as I don’t know if I can officially be classified as a first-time buyer.
Here’s some background. I am 43 years old, and I purchased a home 15 years ago with my ex-husband. We sold the house when we divorced – around 12 years ago – and I have been renting ever since.
Now I have saved enough to buy a home, but can I use the LISA as I don’t know if I will qualify as a first timer. Thanks for your advice on this matter.
Darren’s Answer
Most lenders will class a first-time buyer as someone who is purchasing a property for the first time and does not already own a residential property.
The definition of a first-time buyer may vary depending on different factors, such as commercial property, buy-to-let properties or inherited properties.
Your circumstances suggest that you would not be considered a first-time buyer, which may impact benefits such as the LISA, stamp duty relief and government schemes.
However, there are options available to support you and it’s crucial to assess your eligibility so that you can make informed decisions.
We always recommend speaking to a mortgage broker who can guide you through the process.
Meet our expert…
Darren Polson is head of mortgage operations at Aberdein Considine. He has been writing a regular column for What Mortgage for over two years and is now here to answer YOUR questions.
If you have a question for Darren please email kate.saines@emap.com or leave a message in the comments below.
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