How to withdraw money from a Lifetime ISA
The process for withdrawing money from your Lifetime ISA depends on how you're planning to use the money. Here's how to withdraw from a Lifetime ISA.
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Before you start
- You can normally withdraw money from a Lifetime ISA to put towards your first house purchase, or at age 60.
- If purchasing your first home, you need to complete a home purchase form before you withdraw.
- You will have to pay a 25% government charge if you withdraw for any other reason. This could leave you with less than you put in.
How to withdraw money to buy your first home
When you’re ready to buy your first home, and you’re happy you meet the criteria, download and complete a home purchase form.
You can then send it back to us at:
What happens next
We’ll send a form to your conveyancer so they can request the withdrawal. You will also need to contact your conveyancer to complete a declaration for them. Once everything is ready, we’ll pay the money directly to your conveyancer.
If your purchase doesn’t complete within 90 days of withdrawing the money, you will need to pay the money back into your Lifetime ISA.
To withdraw for any other reason
If you need to withdraw for any reason other than buying a house, please call us.
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