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    • Home • Advice • Common questions

    Can I use my Lifetime ISA to buy a home if I have previously bought a home as a renovation project?

    10 January 2023

    Question by Rosanna

    Can I use my Lifetime ISA to buy a home if I have previously bought a home as a renovation project?

    Answered by

    Hi Rosanna,

    Thank you for your questions.

    Unfortunately, if you have owned a home in any capacity during your lifetime, you will not be able to use your Lifetime ISA to purchase a property.

    You will still be able to use any funds in your Lifetime ISA from age 60. Alternatively, if you require access to the funds you could withdraw the money from your Lifetime ISA, however, please bear in mind that a charge of 25% will be applied to recover the government bonus and apply a penalty for early access.

    I hope this helps but if you have any other queries I suggest you speak to a financial adviser,

    Allie

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    Boring Money Ltd is a limited company registered in England and Wales under registration number 09459832 and we have our registered office at 10 Lower Thames Street, London, England, EC3R 6AF.
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