When can I withdraw money from my Lifetime ISA?
You can withdraw money from your Lifetime ISA (LISA) at any time. But you'll pay a government withdrawal charge of 20% (25% from 6 April 2021) unless you withdraw it under certain circumstances:
- When using the money to fund the purchase of your first home. The home needs to be worth £450,000 or less, and be bought with a mortgage
- When you’re age 60 or over. This means you can also use your LISA to save for retirement
- If you’re terminally ill
If you withdraw cash from your LISA for any other reason, you’ll have to pay the government withdrawal charge of 20% (25% from 6 April 2021) – which could mean you get out less than you put in. If you’re willing to pay this withdrawal charge to withdraw money from your Lifetime ISA, just log in to your account and select 'Withdrawals'.
If you’d like to use your Lifetime ISA to buy your first home, you’ll need to contact your solicitor or conveyancer directly, who’ll ask you to complete a declaration. They’ll then complete their own declaration, and send it to us.