Martin Lewis has called the Lisa savings scheme a 'dead duck'
The Chancellor must make immediate changes to a government savings scheme after house price increases over the past six years have led to aspiring first-time buyers being “fined” for withdrawing their cash, MoneySavingExpert.com founderand are designed to help people aged 18 to 39 buy their first home or, much less popularly, to save for retirement.
In some areas of the UK, it is now very difficult to find properties under £450,000. In 2017, there were 331 postcode regions where at least 40 per cent of homes sold for more than £450,000, but last year there were 569 areas.The way the withdrawal penalty works means it is levied after you receive your bonus, so if you save £1,000 and get a £250 bonus, you’ll have £1,250 total, but will be hit with a penalty of £312.50 on withdrawal.
Mr Lewis says the scheme is currently a “dead duck” and that a “simple solution”, would be for Lisa holders purchasing a first-time property for more than the maximum house price not to be fined, so they lose the 25 per cent bonus, but they get their own money and interest back.
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