There had been speculation that major changes could be made to the Lifetime ISA An update on Lifetime ISAs was made as part of the Autumn Budget 2025 (Image: Getty)

Brits using a specific savings pot to fund their first house purchase may no longer be limited to a £450,000 budget. As part of the Autumn Budget announced today, the Labour Government confirmed a Lifetime ISA reform.

Also known as the LISA, the Lifetime ISA permits people aged between 18 and 39 to save for a first-time home worth no more than £450,000. You can contribute up to £4,000 annually until you reach 50, and the Government will add an extra 25 per cent on top of everything you pay in.

If you withdraw your funds before you turn 60 for any reason other than purchasing a first home, you'll be hit with a 25 per

See Full Page