A government savings account designed to help first-time buyers get on the ladder is in danger of leaving thousands of young Britons with far less money than if they've saved elsewhere. Read this and the rest of today's consumer and personal finance news below in the Money blog.
A government savings account designed to help first-time buyers get on the ladder is in danger of leaving thousands of young Britons with far less money than if they've saved elsewhere.LISAs, introduced in 2016, allow Britons to save £4,000 annually towards their first house deposit, with the government topping this up by as much as £1,000 each year.
But 25% of £25,000 is £6,250, leaving someone with £18,750 - less than they originally saved.'Aspiring homeowners could be frozen out of using a Lifetime ISA unless this flaw in the system is fixed,' AJ Bell investment analyst Dan Coatsworth says. 'Even a typical flat is projected to cost more than the £450,000 limit in five years in 17 regions, including many on the fringes of the capital.
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