Martin has issued a warning for those considering putting money into a Lifetime ISA to go towards buying their first home
Martin Lewis has issued a word of caution for people using Lifetime Individual Savings Account to invest in their first home.
What makes the account more desirable is that an extra £1,000 can be added on the account each year on top of what's already saved. However, Martin warned on his BBC podcast that there are downsides to a LISA which means it isn't a good choice for every young person.Read more: Martin Lewis car insurance advice for how customers can get better deals as prices skyrocket
However, if you took that money out, you would have to pay a 25 per cent penalty which would result in around £93 coming back to you. Martin added: "You're looking to buy a house, you're a first-time buyer the cheapest place you can get that is suitable to you is £480,000. Martin highlighted that the penalty was originally implemented to prevent people from taking advantage of the 25 per cent bonus that came with a LISA. However, the key problem is the rise in house prices which is exceeding the amount of money put away in a LISA.
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