The LISA was launched in April 2017 and is a savings product which is designed to help people save for either aYou can save up to £4,000 a year and the Government will then add a 25% bonus on top, effectively giving you free
MPowered’s research found that 7% of LISA savers made an "unauthorised withdrawal" in the year to April 2023, each receiving an average fine of £633. If you want to use a Lifetime ISA to buy a home, there are a few restrictions you need to keep in mind: "The LISA withdrawal penalties are designed to ensure savers only use these accounts for what they are designed for - buying a first home or saving for retirement - but the cap on the value of a property they can be used for means LISAs are increasingly unfit for purpose."
If you're a first-time buyer purchasing with someone else, like a partner or friend, for example, they cannot have owned a property before.