Using your Lifetime ISA to withdraw from your first home
What once felt like a distant goal is now a reality, and with the 25% Government bonus, you’re ready to make the move.
Before withdrawing cash, you should have your mortgage offer and application process sorted.
10 steps to paying your first house deposit
Check the terms
Ensure your LISA has been open for at least 12 months. If you’ve transferred your LISA to us, your 12 months start when you open the account with your old provider.
Make a note
Log into your online account and note the exact sum left to pay for your house deposit.
Download statements
Download any statements from the app if you need to.
Investor declaration form
Download and complete the investor declaration form. Once completed, email it to your conveyancer for their records.
Conveyancer’s task
Your conveyancer should complete the conveyancer declaration form and send it to customer.engagement@thenottingham.com
Check your junk mail
Keep an eye out for our email, which confirms your request to withdraw.
Sit back
HMRC says your savings should be released at most 30 days after receiving the form. Expect to see your savings, including any bonuses and interest, within this period, typically two weeks.
Keep in touch
Your conveyancer will receive an email with a reference number once the money has been released.
Buy your first home
Use your boosted savings to buy your first home. Once the sale has gone through, your conveyancer will let us know within 10 days that your savings went towards your first house.
Think about your future
Your Lifetime ISA is still valuable even after buying your home. It will stay open so that you can save for retirement, with the 25% government bonus available until you turn 50.
Frequently asked questions
You can use your LISA with another first-time buyer if they have a LISA with us, too. The maximum property value is still £450,000 whether you’re buying as an individual or with someone else. You can also use your LISA to buy a property with someone who isn’t a first-time buyer and/or doesn’t have a LISA.
If your first home purchase will take more than 90 days, your conveyancer can contact you and apply for an extension. If the sale doesn’t go through, your conveyancer must refund the exact amount, or you’ll have to pay a 25% Government fee on the difference.
If you need to withdraw money for anything other than your first home, you must pay a 25% Government withdrawal fee. If you’re 60 or over, the withdrawals count towards your retirement, so you won’t be charged.