Moneybox Lisa withdrawal query

ftbLondon90

Hi there,

I am in the process of buying my first home. I have around £15500 saved in my LISA. However I only need £10500 for the deposit for my first home. Can i withdraw the rest of the money from my LISA to be transferred into my personal bank account once my deposit money has been withdrawn?

Many thanks!

masonic

You can, but that second withdrawal would be subject to the 25% penalty (at time of writing, may be changed in the Autumn statement tomorrow).

eskbanker

ftbLondon90 said:

I am in the process of buying my first home. I have around £15500 saved in my LISA. However I only need £10500 for the deposit for my first home. Can i withdraw the rest of the money from my LISA to be transferred into my personal bank account once my deposit money has been withdrawn?

Given the penalty referred to above, could you not just take out a £5K smaller mortgage and put all the LISA money towards the purchase, or are you going to need access to the reduced £3750 lump sum?

ftbLondon90

I need access to the rest for furniture, fees etc. Considering 3000 is from bonuses and 500 through interest ,i have made a good bit from putting into the LISA over the past few years