Is the Lifetime ISA right for me?
A Lifetime ISA may not be right for you if you require any access other than to purchase your first home or retirement because there are restrictions around when you can withdraw your money.
Some ISAs are flexible, which means you can withdraw and pay back in throughout the tax year without affecting your overall annual ISA allowance. However, Lifetime ISAs are not flexible, so it will not be possible for withdrawals to be made and replaced without affecting your annual Lifetime ISA allowance or your overall ISA allowance.
If you close your Lifetime ISA after you reach the age of 40 you won’t be able to open a new one. If you intend to use your Lifetime ISA savings towards buying your first home or to save towards retirement, you may wish to leave a small amount in the account so you can continue to save in it in future.