I'm looking to buy a flat in London. I'd had a Lifetime ISA for 2 years which I've maxed out both times (~£10k). I'm also looking to get a Help to Buy equity loan, probably for the maximum of 40%, unless there's a compelling reason not to.
The equity loan is not limited by any specific value but the property must be a new-build.
I am only eligible to receive the LISA bonus if "the property costs £450,000 or less" but I'm not sure whether that refers to the full property value.
Suppose I wanted to purchase property for £460,000. I have a deposit of around £50,000. The equity loan would be £184,000, leaving a mortgage of £226,000.
Am I able to claim the LISA bonus in such a case? I found the following on moneysavingexpert but I don't think it's worded very well. It looks like I couldn't but it'd be good to know for sure.
To get the bonus you'll just need to buy a property that costs £450,000 or less with any residential mortgage (not buy to let). That includes Right to Buy, shared ownership, self-builds, and Help to Buy loans.