Lifetime ISA unknown situation

Col2018 · 2 December 2018 at 1:24PM

Hello all, I am considering investing into a lifetime Isa to save for a deposit for my first home. However, I suffer with health conditions which may impact on my ability to continue working and even result in me not being fit enough to work. If this happens I have been informed I should be entitled to take early retirement on health/medical reasons. Therefore if this was the case my question is- Could I use money within my 'LISA' to receive a bonus to my retirement income or would the rules still apply for this i.e. 60+ to use LISA for retirement.

Thank you

Alexland · 2 December 2018 at 2:53PM

If your health condition means you may not be able to work you may need to declare this to your lender as part of your mortgage application.

If you do not use the LISA to support a qualifying property purchase then you cannot withdraw without penalty until age 60 - unless you are confirmed to have less than 12 months life expectancy.

Also be aware having accessable savings (such as a LISA) may affect your entitlement to certain benefits.

Alex

Col2018 · 8 December 2018 at 5:27PM

Alexland, Thank you very much for your reply/advice, I thought your explanation was the case but thought I would inquiry if my feeling was correct so did not miss out on anything. Thanks again.

Lifetime ISA unknown situation

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