AI Legalese Decoder: Simplifying the Process of Combining Lifetime ISAs with Your Fiancé
- May 9, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Exploring Options for Combining ISA Totals for Buying a House
Hi there, I’ll keep this as brief as possible. My fiance and I are currently in the process of saving for our future dream home. I have a Lifetime ISA with Moneybox, and she is considering opening one to do the same. We are wondering if, when the time comes to purchase a house or apply for a mortgage, we can combine our ISA totals together. Or would it be more beneficial for us to share one ISA and both contribute to it?
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Joint first time buyers can both use LISAs for the purchase.
Using 2 will potentially incur slightly higher solicitor’s costs so I suppose if you can’t put away more than £4k/year that’s an argument for putting it all in one.
Hopefully this won’t matter but if you were to split up and all of the money was in one name that could be a problem.
Remember it’s a type of *Individual* Savings Account, you can’t have a joint one. You can both save in your own LISAs to buy an eligible first home, if that happens to be the same home, great.
Hi /u/Dragon_Fruit1949, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/lisa/
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Moneybox supports you both having your own LISA, but linking them virtually in the app so you can see your combined buying power and view each others contributions etc.
That’s the best way forward, as you can each contribute and get your own bonus each year.
Yes you can combine them
Yes you can combine them. Your solicitor should sort that for you.
Just remember that you need to have opened the Lifetime ISA for at least a year from the first deposit, to be able to use it towards a first home penalty free.