UK homeowners could face 25 per cent penalties warns Martin Lewis
manchestereveningnews.co.ukMartin Lewis has warned that homeowners and aspiring home-buyers could be hit by massive fines. Appearing on the BBC Radio 5 Live he warned that many people are being cut short by ISAs and LISAs due to the outdated nature of the scheme.
The LISA is designed to help 18 to 39-year-old get on the property ladder by providing a 25 per cent boost for the money they put into the account.
However, the scheme was initially launched in 2017 when property costs looked very different to what they do today. Despite this, penalties for taking out money.
Martin said: "You can take the money out only for one of two reasons: number one, you are buying a first time property, you've never bought a property before, you've never owned a property before and that property has to be worth under £450,000.
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