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Does transferring your Lifetime ISA change the start date of it?

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Posted 30th JunEdited by:"IamOpica"
I've had a Lifetime ISA with Skipton for a few years and was thinking of transferring to Nottingham BS for a better interest rate. However, reading the notes it says 'If you are transferring your Lifetime ISA to us this is the date you first funded your Lifetime ISA with your existing provider'. So if I transferred my LISA today to Nottingham BS does that mean I have to wait at least a year to buy a house? I wonder why the first funded date changes.
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As far as I’m aware it doesn’t change it - it didn’t when I moved from skipton to Newcastle building society
IamOpica01/07/2020 01:35

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If you do move keep an eye on the closed skipton one - with mine the next 2 months of bonus money went to skipton not Newcastle and it took ages to sort it out! Not sure who’s fault it was, suspect it was Newcastle though
The way I read it (although I may be wrong!) is you can withdraw your money after 12 months to buy your first house after the first deposit.

So for example, say you opened the current LISA with Skipton on 1st August 2019, and transferred from them to Nottingham BS today, you can withdraw your money on 1st August 2020 as that is when the 12 months passed since your original deposit.

The wording from Nottingham BS for anyone else to comment is :

"After the first 12 months, you can withdraw money to buy your first home, however if you make any other withdrawals before the age of 60, the Government withdrawal charge will apply (unless you are diagnosed with a terminal illness). Find out more about this below. If you are transferring your Lifetime ISA to us this is the date you first funded your Lifetime ISA with your existing provider."
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