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  • RE: LISA with bridging loan

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  • LISA with bridging loan

    Hello, I am trying to understand if a bridging loan would satisfy the criteria for utilizing money saved in a LISA account towards a first-time home purchase.
    I am purchasing at auction and the property has a short lease and absent freeholder. No mainstream lender is going to lend against this. I have a significant amount saved up in my LISA that I would like to use towards the purchase of this property. As per the wording on the official guidance for LISA one of the eligibility criteria for the purchase states that "the property is purchased with a loan taken as a charge over the property (i.e. mortgage); ".
    I have read through the conveyancer's guidance on LISAs and it is still unclear to me. https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/691773/conveyancer__1___5_.pdf