If you take money out of your lifetime ISA before you turn 60, and you’re not withdrawing it to buy your first home (up to £450,000) or because of a terminal illness, you’ll have to pay the 25% government withdrawal charge on the amount you’re taking out. This means you could get back less than the amount you paid into your lifetime ISA.

And you'll need to have been paying into your lifetime ISA for a minimum of 12 months before you can use it to buy your first home, otherwise the 25% withdrawal charge will also apply.