Martin Lewis issues urgent message to people buying homes worth more than £450,000
Martin Lewis, financial guru and TV personality, has issued an urgent warning to UK households that are looking to purchase properties valued at £450,000. With the cost-of-living crisis escalating, the Money Saving Expert took to Twitter to alert his followers about concerns surrounding the Lifetime ISA scheme.
In a post, Martin advised: "Do you have (or have had) a Lifetime ISA? If so, especially if you worry about the £450,000 property cap please would you take a couple of minutes to answer our policy research survey."
The survey aims to gather information from those who currently have, or previously had, a Lifetime ISA. This data is intended to bolster campaigning efforts for the scheme. Martin emphasised that individual answers will remain anonymous and no personal responses will be divulged, saying: "We want to hear from people who have a Lifetime ISA or who had one in the past. We hope to use this information to support our campaigning on the Lifetime ISA. The answers you provide are anonymous and individual responses won't be shared."
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Assuring that participating in the study wouldn't be time-consuming, he clarified: "This short survey will take less than five minutes."
A social media user replied: "My main worry is that I'll find a partner who already owns a flat and would therefore take an enormous financial hit thru no fault of own.
However, Martin replied to the user, saying: "As a) You won't buy a flat, in which case yes you would, or b) as you'd later buy together, in which case you can still use the LISA (as long as property is under threshold) and get the bonus."
Another said: "I live in London and only apartments are affordable at the £450K cap. A decent apartment (e.g. energy-efficient, quiet neighbourhood) hovers around £450K. My concern is that when interest rates decrease (and prices increase), buying an apartment in London will be infeasible."
One user posted: "House price in my area was capped at 250k, relatively useless. Seems like it's London and Everywhere else just like most things... Doesn't meet it's intended purpose." Someone else wrote: "Probably would have done had I not been as old as I am -59. But it does need some fixing RE: the cap."