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The Independent UK
The Independent UK
Business
Vicky Shaw

How first-time buyers are getting a £50,000 lifetime ISA boost revealed – but there’s a catch

Plum

First-time buyers are increasingly utilising Lifetime ISAs (Lisas) to bolster their deposits, with some contributing over £50,000 towards their property purchase in 2022-23, according to HMRC data obtained by money app Plum.

Designed to support both first-time homeownership and later-life savings, Lisas offer a significant government bonus. An analysis of authorised withdrawals – those eligible for the bonus – revealed that the top 25 Lisa withdrawals for home purchases averaged £51,000 during the last financial year.

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