Can I buy an overseas property using the bonus from a Lifetime ISA?

Question

I have a Lifetime ISA but am looking to move overseas in the next few months. I am yet to buy any property and thus my first property purchase will most likely be overseas, can I use my Lifetime ISA to fund this like I would over here in the UK?

timday · Answer

The government's own info on using Lifetime ISA funds to purchase your first home here, state that
The home you buy must:

- be in the UK
- have a price of £450,000 or less
- be the only home you will own
- be where you intend to live
- be purchased with a mortgage

That first point appears to rule out what you want to do.  So to use the Lifetime ISA funds for an overseas house purchase you'd presumably have to make a withdrawal subject to the Lifetime ISA's usual penalties.

Can I buy an overseas property using the bonus from a Lifetime ISA?

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