Helen Knapman

First-time buyers paid the Government an estimated £1.8 million in fines for taking money out of their Lifetime ISAs (LISAs), new figures for the 2023/24 tax year show. MoneySavingExpert.com founder Martin Lewis is renewing calls to the Government to stop those who are using LISA savings for their intended purpose – buying a first-time property – having to pay these unjust penalties.

If you’re a customer of the Co-operative (Co-op) Bank, your products and services may be provided by Coventry Building Society in future. The building society has today agreed to a potential takeover of the high street bank – though it’s still very early days and the deal needs regulatory approval.

The Chancellor Jeremy Hunt has hinted help could be on the way for first-time buyers who face losing £1,000s of their own savings when withdrawing funds from Lifetime ISAs (LISAs) to buy homes above the scheme's property price limit. Martin Lewis challenged Mr Hunt over the issue during an interview in the latest episode of ITV's The Martin Lewis Money Show Live.

A raft of changes for savers using ISAs – savings accounts where you’ll never pay tax on the interest – have been announced by the Chancellor in today’s Autumn Statement. However, Jeremy Hunt failed to address MoneySavingExpert.com’s calls for a shake-up to Lifetime ISAs.

MoneySavingExpert.com (MSE) founder Martin Lewis has pleaded with the Government not to be “yankers” and shelve much needed buy now, pay later (BNPL) regulation. His call comes as Citizens Advice, MSE and Which? have teamed up again to urge the Government to protect BNPL users.

Martin Lewis, MoneySavingExpert.com’s (MSE’s) founder and chair, is today strengthening his call for the Chancellor to overhaul the Lifetime ISA (LISA) in his 22 November Autumn Statement. Young savers should not be essentially fined – and lose their hard-saved cash – when they purchase homes above the scheme’s £450,000 limit. This is a problem that leaves far more at risk now than when LISAs launched in 2017.

The announcement follows a month-long campaign led by Martin Lewis, which has been backed by 130 charities and consumer organisations.

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.

The measures come as part of today’s Autumn Statement, which also contains major changes to the Government’s energy support package.

New Chancellor Jeremy Hunt has reversed a host of tax reforms and drastically scaled back energy help previously announced in September's mini-budget.