The Lifetime ISA (LISA) has been crucial for over 225,000 first-time buyers in the UK, offering a 25% government bonus on savings up to £4,000 annually. Launched in 2017, it allows users aged 18-39 to save for their first home or for retirement. Despite its benefits, concerns persist regarding the frozen property price limit of £450,000 and the 25% penalty on early withdrawals, impacting some savers. Recently, there’s been a surge in LISA accounts among young people, with the average account holder age decreasing from 29 to 26, underscoring its popularity and importance in promoting healthy saving habits.
The LISA has proven to be invaluable to hundreds of thousands of first-time buyers when it comes to helping them save for that all important deposit.
You can save or invest up to 4,000 each tax year and get a 25% government bonus to boost your savings.
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