One of the other main differences is how and when the bonus is paid.
The Lifetime ISA’s bonus is paid monthly and can be used as part of any deposit you have to pay on exchange of contracts (England, Wales and Northern Ireland).
While the bonus on the Help to Buy ISA must be claimed between exchange and completion. This means the bonus will contribute towards your overall mortgage deposit and can’t be used at exchange.
In Scotland, your acting solicitor will apply for the Help to Buy ISA Bonus from the government on your behalf when you have found a property.
The main drawbacks of the Lifetime ISA are that you will need to wait at least a year to claim your bonus.
If you draw the money out before the age of 60 for anything other than buying your first property you’ll have to pay a government penalty of 25% - which might mean you receiving less back than you put in.