The consumer champion is urging Chancellor Jeremy Hunt to 'fix the broken' Lifetime ISA scheme.
Martin Lewis is urging Chancellor Jeremy Hunt to use his Autumn Statement later this month to "fix" key aspects of the Lifetime ISA scheme, which is often used by first-time buyers to get on the property ladder. The founder of MoneySavingExpert.com argued that young savers should not be essentially fined, and lose their hard-saved cash, when they buy homes above the scheme’s £450,000 limit.
However, Martin said: “Since 2017, even after what’s happened recently, house prices have gone up 33 per cent, but that £450,000 cap has not moved and that means while Lifetime ISAs are great for many first-time buyers in parts of the country where you’re not going to be getting a home that costs that much, these days 40 per cent of homes in the UK cost over £450,000 and especially in urban areas, many first-time buyers are priced out.
The consumer champion said that the Chancellor should focus on first-time buyers during the Autumn Statement. He said: “Jeremy Hunt, I am calling on you today. If you want to help first-time buyers, before coming up with any new clever schemes, fix the broken dead duck scheme of Lifetime ISAs.”
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