People aged over 40 could gain access to a government-backed first-time buyer savings scheme under Treasury plans to replace the Lifetime ISA with a new First-Time Buyer ISA. The proposed account would be open to all adults aged 18 and over, removing one of the main restrictions of the current system.
The proposed savings account would continue offering a 25 per cent government bonus towards the purchase of a first home. However, unlike the Lifetime ISA, savers would no longer face a 25 per cent withdrawal charge if they access their money for reasons other than buying a property.
