Lifetime ISA's, are they worth it?

Are lifetime ISA's worth it? What does everyone think of them?
Are they good, or are there better options out there?

It sounds good because you could get an extra £1000 a year. But I saw that the property has to be £450,000 or less, and unless that's changed, I'm pretty sure a lot of properties in London cost more than that. Idk a lot about it though.

Reply 2

Emma:-)

Entertainment Forum Helper

Original post by toxicgamage56

Id mainly be using it for retirement anyway. Ive already brought my first house 4 years ago.

Reply 3

Emma:-)

Entertainment Forum Helper

Anyone?

Reply 4

toxicgamage56

Universities Forum Helper

In terms of financial decisions right now, I'm just trying to decide which student bank account to switch to in order to get the best reward.

Reply 5

normaw

Clearing and Applications Advisor, Universities Forum Helper

Original post by Emma:-)

Anyone?

As you already have your first home, you would only be able to use a LISA for retirement, and to gain the maxiumum benefit you would need to leave the funds untouched until age 60. If you withdraw earlier, there's a 25% penalty. Contributing to a pension has more advantages than a LISA for retirement savings. The following article goes into details:

https://www.moneysavingexpert.com/savings/lifetime-isas/

Reply 6

threeportdrift

Careers Forum Helper