Martin Lewis warns
07 November 2023
Martin Lewis is urging Chancellor Jeremy Hunt to use his Autumn Statement to overhaul 'unfair' aspects of Lifetime ISAs, used often by first-time buyers
to get on the property ladder. The Money Saving Expert argued young savers should not be essentially fined, thereby losing their hard-saved money, when they purchase homes priced above the scheme's £450,000 limit.
Lifetime ISAs, also known as LISAs, were launched in 2017 and are designed to help people aged 18 to 39 either buy their first home or save for retirement. Savers can put in up to £4,000 per year and the Government will add a 25 per cent bonus to people's savings, up to a maximum of £1,000 a year.
