Can I withdraw my money at any time?
There is a 25% government charge if you withdraw money from a Lifetime ISA for any reason other than buying your first home (up to £450,000) or for retirement.
This 25% penalty means that if you deposit £1,000, you get the 25% govt. bonus = £1,250. If you make a withdrawal and 25% was taken off, you’d receive £937.50, which is a 6.25% loss. Please note this does not take into account investment gains/losses and fees.
If you’d like to withdraw from your Lifetime ISA for a reason other than a qualifying house purchase or retirement after age 60, please get in touch with the team via the in-app chat, or email us at email@example.com.