Every month, Calvin Kern sees a significant amount of his income swallowed up by his rent, even though he is house-sharing with three other people.

The 23-year-old is determined to buy his first home by the age of 30 and has recently opened up a stocks and shares Lifetime ISA to help him save his deposit.

However, he told The i Paper the rules around Lifetime ISAs need to change as they are “too harsh.” The current price cap for those looking to buy a home with such an ISA is £450,000, which Mr Kern says is too low, particularly for people looking to buy their first home in London.

“I think the Government should change the current penalty system so that Lifetime ISA account holders who take the money out for something other than buying a home or retirement lose the bonus, but

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