Congratulations on moving forward with your first home purchase! đĄ đ
Withdrawing funds from your Lifetime ISA (LISA) to purchase your first home involves a few steps:
First of all, your Lifetime ISA is a savings account that benefits from a government bonus and can be used for buying a first home. To use funds for this purpose penalty-free, youâll need to meet the eligibility criteria here::
The property costs ÂŁ450,000 or less
The property is in the UK
Youâre buying with a mortgage
You're buying with the help of a conveyancer or solicitor
You're not going to rent it (with a buy-to-let mortgage)
Itâs your first home
Youâve had your Lifetime ISA open for 12 months or more
2. If youâve met the above criteria, and youâre ready to initiate and process your Lifetime ISA withdrawal for a home purchase Contact our support team via in app chat or by emailing us at [email protected] and:
Request the required Customer Withdrawal form and Conveyancer Declaration form.
If you are buying your home with someone who also holds a Tembo LISA then they will need to fill out a separate form).Fill out your Customer Withdrawal form and hand it over to your solicitor or conveyancer.
Provide the Conveyancer Declaration form to your solicitor or conveyancer for them to fill out, they then need to send both forms to [email protected] Ensure that your solicitor submits the completed forms as PDF attachments to the designated home purchase inbox, avoiding individual staff email addresses to prevent processing delays.
Some things to remember:
Do not request a withdrawal from your LISA in the app as this process is only for ineligible withdrawals
Tembo asks for 30 days' notice to ensure withdrawal payments are made in time for your home purchase completion. This is a precaution to account for unforeseen delays that might occur in payment processing or conveyancing.
If using LISAs from multiple providers, notify all parties as early as possible to streamline coordination.
Always use approved communication channels such as the designated home purchase email inbox to avoid losing critical documentation.
If you are withdrawing from your LISA for your first home purchase then all of the withdrawn funds would need to be used for your deposit.
You can locate your LISA account reference within the Tembo app: Go to Settings > My Profile. Find your Cash LISA Account Reference, which starts with "NU."
Interest accrued up to the date the withdrawal begins processing is included in full withdrawals. For partial withdrawals, the remaining accrued interest is credited to your LISA in the next scheduled interest cycle.