It depends on whether you're transferring into a brand-new Tembo LISA or into a Tembo LISA you already have open and funded.
Transferring in when you open a new Tembo LISA
If you transfer your old Lifetime ISA in as part of opening your Tembo LISA for the first time, your original first-payment date is kept. The 12-month countdown before you can use the LISA to buy your first home penalty-free still runs from that original date — it doesn't reset.
This is only the case if you allow your transfer to complete before you add any additional funds into the account. If you add money before the transfer completes, the date you opened your Tembo account becomes the new opening date for the entire account, including the transferred funds.
Transferring into a Tembo LISA you already have open and funded
If you already have a funded Tembo LISA and transfer another Lifetime ISA into it, the transferred funds merge into your existing Tembo LISA. Your Tembo LISA keeps its own open date — it does NOT take on the older LISA's start date, even if that account is older.
The 12-month clock that must pass before you can use the LISA for a first home purchase penalty-free runs from your Tembo LISA's own open date. If you withdraw for a home purchase before your Tembo LISA has been open and funded for 12 months, the 25% government withdrawal charge will apply.
If you're planning to buy a home soon and already have a funded Tembo LISA, get in touch with our team before transferring another LISA in so we can confirm how it affects your eligibility date.
Also: if you're a Tembo Savings customer, you get fee-free access to our award-winning mortgage advice service when you come to buy your first home!