The money saving expert says half a million first-time buyers could be affected
Getting a foot on the property ladder has become increasingly difficult for first-time buyers in recent years due to rising house prices and soaring interest rates.
READ MORE: Inside Manchester's most expensive apartment that costs an eye-watering £18,000 a month to rent Those with an ISA can only withdraw money if they're buying their first home, are aged 60 or over or become terminally ill. If you want to take money out for any other reason, you’ll pay a withdrawal charge of 25 percent.
Martin tweeted: "Lifetime ISAs are no longer fit for purpose for some 1st time buyers & some risk losing money. Today we ask @Jeremy_Hunt to either -Stop withdrawal penalty for those buying homes that no longer qualify or increase value of qualifying house." The finance guru then shared a link to his Money Saving Expert site, where he explained his concern in more detail.
"Then, to take the biscuit, the fact they then have a reduced deposit can decrease the value of the mortgage they will be accepted for.
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