You can let us know you’d like to make a withdrawal through the Nude app.
If you’re withdrawing money from your lifetime ISA to buy your first home, here are some things you need to know:
- The property you’re planning to buy has to be in the UK and worth no more than £450,000.
- You need to be using a mortgage to buy the property (i.e. you can’t pay for it in full upfront).
- Your lifetime ISA needs to have been open for at least 12 months.
- If you are using a Nude Cash Lifetime ISA, we ask that you give us at least 95 days notice before you want to withdraw your money.
- You’ll need to have a solicitor who’ll need to send us a form requesting funds.
Just so you know, if you withdraw your money for any other reason than buying your first home (or for retirement once you’re 60), you’ll have to pay an early withdrawal charge of 25% to the government. This means you would get back less than you paid in (you’d lose the government bonus and pay the government an extra £6.25 for every £100 you deposited)