Short YouTube video by Ndubuisi 'Andy' Egwim explaining that a Lifetime ISA cannot be used to buy a second home if you already own a property. The video states Lifetime ISAs are for first-time buyers or retirement (age 60+), and warns that non-qualifying withdrawals incur a 25% charge which can negate the government bonus and may cause a capital loss.
Can I use a lifetime ISA to buy a second home if I already own a property? The answer is no. You cannot use a lifetime ISA if you already own a property. You can use it to save or invest towards retirement, but they are specifically for first time buyers or retirement savings for individuals who have not previously owned the property. So if you own a property you can use it to invest or save for retirement. What are the penalties for withdrawing money from a lifetime Isaac for purposes other than buying a house or ret retirement? Well, do you want to find out? If you withdraw money from ELIZA for any other reason other than buying your first home of a retirement after the age of 60, you will incur a massive 25 with our charge, which effectively cancels the government bonus and may even result in a loss of capital. Some platforms will charge the penalty. Also.
