The finance guru warned people they may face a penalty
The Money Saving Expert has issued the advice on today's edition of Good Morning Britain. He has also taken to social media platform X after his appearance to reiterate the advice.
"But it is a dead duck product for many who are living in urban areas with a really big problem. It's left many young people paying fines of hundreds or thousands of pounds to the government to access their own money that have saved to buy a first time house." The government will add a 25% bonus to people's savings, up to a maximum of £1,000 per year. The MoneySavingExpert.com founder and chair 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.
He said: "The problem is if you take your money out for any other reason than buying a first time home, you pay a fine." He added: "It seems to me that is just plain wrong."
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