Saving for a home

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.

Change is needed to help half a million younger people with Lifetime ISAs as many risk lock-out and £1,000+ in fines to get their money back.