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

However, you'll pay a charge if you withdraw your Lifetime ISA without meeting one of these criteria. If you withdraw cash from your LISA for any other reason, you’ll have to pay the government withdrawal charge of 25%. 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 your account.

To use your Lifetime ISA to buy your first home, you need to contact your solicitor or conveyancer directly. They’ll then:

  1. Ask you to complete a declaration.
  2. Complete their own declaration.
  3. Send the completed forms to us.

Read more about how Lifetime ISAs work.