Anne Day

Pls share if you support. Many young people are paying £100s/£1,000s fines to the govt to access money they saved to buy a first time house. It's time to #EndLISALockout Today I've contacted the Chancellor @Jeremy_Hunt to ask him to fix Lifetime ISAs in the autumn statement. They're now a dead duck for many 1st time buyers especially in urban areas. The LISA can be opened age 18-39 and then it gives savers a 25% bonus up to £1,000 a year towards a housing deposit. It should be great (& is for many). Yet LISAs launched in 2017 with a £450,000 cap on the property you could use them for. That cap is still the same now, but house prices have gone up 33%. That leaves some who've saved squeezed out. Eg. You saved the max in a LISA for 5yrs: - You put in £20,000, state added £5,000, so you've £25,000 - Yet the home you wanted & saved for is now just above the threshold. - So now you face a 25% penalty to withdraw your money, so you get only £18,750 back that's £1,250 less than you put in, and the different goes to the state. My ask to the Chancellor is simple. Either wipe the fine for those buying houses above the threshold or raise the threshold in line with house price rises (or both). Full info moneysavingexpert.com/news/2…