First time buyer

Change is needed to help half a million younger people with Lifetime ISAs as many risk lock-out and £1,000+ in fines to get their money back.

According to the latest figures from HM Revenue & Customs, 141,100 first-time buyers have bought properties without having to pay stamp duty, and a further 39,400 have paid a discounted rate in the year since first-time buyers relief was introduced.

The launch tomorrow of the new LISA (Lifetime ISA) looks like it's going to be a damp squib, with only a few providers offering them. Yet don't ignore it. After all, £1,000 of annual free cash is nowt to be sneezed at - and for first-time buyers, delay could cost.

Anyone wanting to open a Lifetime ISA will be first made fully aware of how the product works and how much it will cost to make early withdrawals, under proposals by the financial regulator.

First-time buyers will be able to get a Government bonus towards a first home in time to bolster their deposit when they exchange contracts under the new Lifetime ISA (LISA) scheme, which begins next year.