Lifetime ISAs are designed to help people who could really benefit from that 25% government bonus — first-time home buyers who want to boost their deposit, and people retiring over the age of 60 who want to boost their pension.

If you want to use a lifetime ISA to buy your first home, here are some things you should know before opening one:

• You need to be a UK resident (this is for tax purposes).
• You can open a LISA between ages 18 – 39.
• This has to be your first home (i.e. you don’t already own a home or have any interest in another property).
• 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).
• You have to live in the property once you buy it (i.e. you can’t use a LISA to buy a property you want to rent out).
• Your lifetime ISA needs to have been open for at least 12 months before you can withdraw your money to buy your first home.

🚨 IMPORTANT

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).

You can only pay into one cash lifetime ISA or one stocks and shares lifetime ISA every tax year (April 6th to April 5th).

If you have paid into your current lifetime ISA this tax year, but want to open and pay into another one with Nude, you can either transfer these to Nude or wait until the new tax year begins on April 6th.

If you want to close your current lifetime ISA and move everything over to Nude, we can help you make the full transfer from the Nude app and you can continue saving or investing for your first home straight away.

Yes, you can have both a lifetime ISA and an ISA across multiple providers.

The annual £4,000 lifetime ISA allowance is included within the overall £20,000 annual ISA limit.

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.
• Your solicitor will have to send us a form requesting the funds - once we have this, we’ll process the withdrawal within a maximum of 30 days (often sooner) as per the government guidelines.

🚨 IMPORTANT

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 would be required to give us 95 days notice of your withdrawal. You’ll also 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)

• Nude is authorised and regulated by the Financial Conduct Authority.
• We use encryption technology to keep your data safe.
• Money in the Nude Cash Lifetime ISA is held with regulated UK banks.
• Investments and cash held with Nude are eligible for protection by the Financial Services Compensation Scheme.

You sure can. It only takes 5 minutes: just sign up through our app by clicking ‘I already have a LISA’ when you get to that stage.

We’ll send you a form via email that you can fill in electronically (you’ll need to know your account number and current provider’s details) then we take care of the rest.

It can take up to 6 weeks for your funds to reach us from your current provider.