Martin Lewis issues warning on savings saying that home buyers face £1,250 'fine'
manchestereveningnews.co.ukMartin Lewis has issued a warning over a £1,250 'penalty' for some home buyers. In an open letter to the Chancellor, the personal finance expert highlighted a number of areas of 'financial injustice' that he believes could be elevated without a large cost on the government's part.
Among these issues he asked Rachel Reeves to look at changing rules around Lifetime ISAs (LISA) and withdrawal penalties for first-time buyers.
He highlighted that LISAs have not "kept up with the times" and has forced many hopeful homeowners to pay fines for using their own savings on their first property.
Some of the key issues around LISAs is the fact that the house price limit which people are allowed to use the money on has remained at the same level of £450,000 since 2017.
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