When can I withdraw money from my Lifetime ISA?
You can withdraw money from your LISA account at any time. But you’ll only receive the full amount if you withdraw it under specific circumstances:
When using the money to fund the purchase of your first home worth £450,000 or less, and bought with a mortgage
When you’re age 60 or over to fund your retirement
If you’re terminally ill
To use your Lifetime ISA to buy your first home, you need to contact your solicitor or conveyancer directly. They’ll then:
Ask you to complete a declaration.
Complete their own declaration.
Send the completed forms to us.
If you withdraw cash from your Lifetime ISA for any other reason, you’ll have to pay the government withdrawal charge of 25%. Except for the purchase of a first home worth more than £450,000 when the penalty is 20%. This could mean you get out less than you put in.
If you’re willing to pay this withdrawal charge to withdraw money from your LISA, select ‘Withdrawals’ from within 'More' and 'Manage Payments' within the app.
Remember:
If you want to keep your Lifetime ISA open, you’ll need to maintain a balance of at least £100.
If you want to withdraw your entire Lifetime ISA balance, you’ll need to email withdrawal@ajbell.co.uk and close your account.