The product could be scrapped in the October Budget
The Government is being urged to scrap Lifetime Isa penalties for first-time buyers in the autumn Budget as it emerged some savers are being charged at least £11,000 to withdraw their cash. Lifetime Isas help people to save for their first home – if the property costs £450,000 or less – or their retirement.
Some 6,139 savers were hit with penalties of £2,000-plus, while 851 were hit with penalties of £5,000-plus. The 25% unauthorised withdrawal charge strips out not only the government bonus that comes with Lisas but also removes a chunk of savers’ cash. Outside London, there are some local authority areas where average house prices are also approaching or over the cap, such as Cambridge, where the average property value is £487,493, Chichester at £444,694, Cotswold at £477,583, Dacorum at £473,485, Elmbridge at £679,303, Epsom and Ewell at £532,217, Guildford at £516,489, Hart at £461,532, Hertsmere at £489,097, Mid Sussex at £447,679, Mole Valley at £544,223, Oxford at £475,247,...
“The Chancellor has put home ownership at the centre of the Labour Party’s programme for Government. That’s why it makes sense to index-link the Lifetime Isa ceiling from the time of its launch and bring in a new limit closer to £600,000. Young people trying to get a foot on the housing ladder have enough challenges already without having to worry about potentially losing a chunk of their hard-earned savings.
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