Holly Mackay, chief executive of Boring Money, said: “The Lifetime ISA was always well-intentioned but complex to manage. It had limited uptake among consumers, and awareness and understanding were limited.
“People who have a LISA today should not panic – they can continue to keep their LISA. As for what to expect, contributions for Lifetime ISAs are capped at what is now quite a low £450,000, and I’d hope the new First Time Buyer product will reflect the increase we’ve seen in property prices.
“For now, we don’t even know who the Chancellor will be next April, let alone what any new scheme to help first-time buyers will look like. So I’d suggest consumers keep using the LISA until such time as we know what the new rules will be and when they will come into force.”
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