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Lifetime ISA closed after house purchase?
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JakeMM
Posts: 42 Forumite

If I cash in my Lifetime ISA following a house purchase, am I correct in thinking that I can't continue with the account for retirement?
It's for EITHER a house purchase, OR retirement, and not both?
It's for EITHER a house purchase, OR retirement, and not both?
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JakeMM said:If I cash in my Lifetime ISA following a house purchase, am I correct in thinking that I can't continue with the account for retirement?
It's for EITHER a house purchase, OR retirement, and not both?
You can have a new LISA every tax year if you want up to age 40.0 -
JakeMM said:If I cash in my Lifetime ISA following a house purchase, am I correct in thinking that I can't continue with the account for retirement?
It's for EITHER a house purchase, OR retirement, and not both?0 -
It's your solicitor (not you) that makes the penalty free withdrawal so ensure they are clear on the need to make a partial withdrawal of a specified amount if you want the account left open. However if you have already used the full contribution allowance for the year and will still be under 40 in the next tax year you could always let it get closed and open another one on the 6th April. If you will be over 40 at the start of next tax year then you might want to move it to a S&S LISA in advance (even if you don't invest the money) as there is currently a problem in the market where S&S LISA providers are not accepting transfer requests from over 40s.
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