When can I use my Lifetime ISA for a first home?

Once your Lifetime ISA has been open for at least 12 months, you can withdraw your funds penalty-free for a qualifying house purchase. Your LISA is considered open once you make your first contribution into the account.

Any withdrawals made before the account has been open for 12 months would be subject to the government withdrawal penalty. This penalty is currently 20% (reduced from 25% until April 5th 2021).