Withdraw Lisa after terms and conditions changed

wes119

Hi all,
I got an Lisa at Skipton to save for my first home, but now me and my partner have decided to move abroad and build a live there instead.
I would lose 25% of all what is on my Lisa if I withdraw, as I am going to need the money there for my home and won't keep it on the lisa till I'm 65.
Now the bank has changed the terms and conditions and in that mail the bank states
"If you have an ISA or Lifetime ISA and are thinking about closing your account please call us so we can help you make sure the money keeps its tax-free status, and for the Lifetime ISA, does not become subject to the Government’s withdrawal charge."

Is it save to say this is giving me a way out without paying the 25%?

Anyone experience with this or advise?

Cheers

masonic

You get penalty free access to your money when you reach the age of 60, not 65.

The way in which they would "help you make sure the money keeps its tax-free status, and for the Lifetime ISA, does not become subject to the Government’s withdrawal charge" is by helping you to transfer to a new provider. This may not be possible if you are no longer UK-resident, so you would need to either accept the terms or pay the penalty. For the avoidance of doubt, the penalty is not a term in the contract that could be considered a barrier to exiting the contract, it is a requirement that is set out in law.