Lifetime ISA

The Lifetime ISA (LISA) withdrawal fine needs to be removed for first-time buyers purchasing homes above the scheme's £450,000 limit, Martin Lewis has urged. This is the key message the MoneySavingExpert.com founder put to a cross-party group of MPs to consider.

First-time buyers paid the Government an estimated £1.8 million in fines for taking money out of their Lifetime ISAs (LISAs), new figures for the 2023/24 tax year show. MoneySavingExpert.com founder Martin Lewis is renewing calls to the Government to stop those who are using LISA savings for their intended purpose – buying a first-time property – having to pay these unjust penalties.

From online scams to Carer's Allowance, we round up the most interesting responses from the seven main party leaders on six key consumer issues. Their answers form part of their replies to our Leaders' Debate ahead of the general election on Thursday 4 July. 

In a blow to first-time buyers – and to MoneySavingExpert.com and its founder Martin Lewis's campaign – there were no changes to the rules on Lifetime ISAs (LISAs) announced in today's Spring Budget. However, while the news is "disappointing", Martin says a shake-up "isn't off the table".  

A penalty paid by first-time buyers accessing savings in Lifetime ISAs (LISAs) when buying homes above the scheme's £450,000 property price limit could be scrapped, it's been revealed. A new report suggests the Chancellor will remove the withdrawal fee in his upcoming Budget. This would be a win for MoneySavingExpert.com and its founder Martin Lewis who have long campaigned on the issue.