He said there were 'rumours' the Chancellor is introducing new incentives to help first-time buyers
Martin Lewis has called for an overhaul of “unfair” aspects of Lifetime Isas ahead of Jemery Hunt’s Autumn Statement later this month. Lifetime Isas are often used by first-time buyers to get on the property ladder, says the Money Saving Expert founder, known for his roles on ITV and BBC.
MoneySavingExpert.com said the Government should allow savers using Lisa money to buy a home that is over the limit to withdraw it without penalty immediately, Birmingham Live reports. Mr Lewis said: "There are rumours the Chancellor is looking to introduce new incentives to help first-time buyers. READ MORE: They've been buzzing around our roads for over a month - but is the Bee Network everything we were promised?
"The simple solution, which could be put into immediate effect, is for a Lisa holder purchasing a first-time property for more than the maximum house price, not to be fined. So, they lose the Government's 25 per cent bonus, but they get their own money and interest back. The fine was originally put in place to stop people using Lisas for purposes other than what they were intended for.
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