The Lifetime ISA is designed for first-time home buyers or retirement savings. Withdrawing funds for any other reason will be subject to a 25% government charge. The 25% government penalty charge won't apply if you're terminally ill or die.
You need to have been contributing for at least a year. It must be your first home and be valued at less than £450,000. The full rules can be found here.
Yes, you can open and contribute towards other ISAs in addition to your Lifetime ISA. You can contribute up to £20,000 across all your ISAs in the 2018/19 tax year, with up to £4,000 of this in your Lifetime ISA.
The bonus payment is calculated on a monthly basis. We'll claim this for you as soon as possible each month and it should be paid into your account directly within 4-9 weeks of your contribution.
Withdrawing funds from your Lifetime ISA for any other reason besides home purchases, retirement or terminal illness/death will incur a 25% government charge on the amount you're withdrawing. This means you may get back less than what you put in.
You can only have one Lifetime ISA in your name. If your partner is a first time buyer as well, they can open their own Lifetime ISA. You could then both use your Lifetime ISAs and government bonus towards your first home. The house price shouldn't exceed £450,000.
Yes, you can pay into both a Help to Buy ISA and a Lifetime ISA at the same time. However, you'll only be able to use the government bonus from one of the accounts to buy your first home.
Yes, you can transfer existing ISAs into a Lifetime ISA and benefit from the government bonus. Any transfers won't count towards the overall ISA allowance (£20,000) but will count towards your Lifetime ISA allowance for the year (£4,000).
Yes, you can but this will incur the 25% government penalty charge.