When can I withdraw money from my Lifetime ISA?
You can withdraw money from your Lifetime ISA (LISA) to fund the purchase of your first home, as long as it’s worth £450,000 or less, and you’re buying with a mortgage.
You can also withdraw money from your Lifetime ISA when you’re 60 or older. If you withdraw cash from your LISA for any other reason, except in the case of terminal illness, you’ll have to pay a 25% government withdrawal charge. This means that for every £100 you withdraw (the £80 you put in plus the £20 bonus), £25 would be deducted and you’d only get back £75 – less than the £80 you put in.