@What20427635 @glastonbury@glastobation@bbcglasto Ok struggling to DM you! Are you able to DM me so I can give you her mobile number please? (Sheโs given me permission)
Pls share if you support.
Many young people are paying ยฃ100s/ยฃ1,000s fines to the govt to access money they saved to buy a first time house. It's time to #EndLISALockout
Today I've contacted the Chancellor @Jeremy_Hunt to ask him to fix Lifetime ISAs in the autumn statement. They're now a dead duck for many 1st time buyers especially in urban areas.
The LISA can be opened age 18-39 and then it gives savers a 25% bonus up to ยฃ1,000 a year towards a housing deposit. It should be great (& is for many).
Yet LISAs launched in 2017 with a ยฃ450,000 cap on the property you could use them for. That cap is still the same now, but house prices have gone up 33%. That leaves some who've saved squeezed out. Eg.
You saved the max in a LISA for 5yrs:
- You put in ยฃ20,000, state added ยฃ5,000, so you've ยฃ25,000
- Yet the home you wanted & saved for is now just above the threshold.
- So now you face a 25% penalty to withdraw your money, so you get only ยฃ18,750 back that's ยฃ1,250 less than you put in, and the different goes to the state.
My ask to the Chancellor is simple. Either wipe the fine for those buying houses above the threshold or raise the threshold in line with house price rises (or both).
Full info https://t.co/JJCaXv1aLo
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