LISA and buying property abroad

Hannimal

I am wondering what my best options are for saving to buy. I am thinking of opening a LISA to save up but I am worried about the risks as I do not know where I will be living in the future. Ideally, I would stay in the UK and buy here in Bristol in the next 5-6 years. However, as much as I love Bristol and living here, I do not know if I will stay given the political climate and attitudes toward us EU migrants. Like so many others, with a heavy heart, I am also considering my options abroad.

So in short, if I do open a LISA and save up there, in the unlikely event I will move out of the UK, will I still be able to use that money to buy property there or am I better off to steer away from LISAs at least until I am more certain of staying in the UK?

eskbanker

https://www.gov.uk/guidance/lifetime-isas-for-isa-managers#withdrawals-for-first-time-residential-purchase:

charge-free withdrawals can be made from a LISA when funds are to be put towards the purchase price of a first time residential purchase in the UK by the LISA investor

jaybeetoo

You can withdraw money from your ISA if you're:

- buying your first home in the UK
- aged 60 or over
- terminally ill, with less than 12 months to live

You'll pay a 25% charge if you withdraw cash or assets for any other reason.

Hannimal

Thank you - clearly a stupid question!

george4064

jaybeetoo wrote: »

You can withdraw money from your ISA if you're:

- buying your first home in the UK
- aged 60 or over
- terminally ill, with less than 12 months to live

You'll pay a 25% charge if you withdraw cash or assets for any other reason.

I would clarify that those restrictions apply to LISA accounts only, if you had one of the different types of ISA such as a Cash ISA or Stocks & Shares ISA you are able to withdraw from those without restriction.