The value of government bonuses paid to Hargreaves Lansdown Lifetime Isa customers has reached £50m, it has revealed.
It said that more than 50,000 Hargreaves Lansdown LISAs have been opened since they were launched in April 2017. Last month, Treasury figures showed that a total of 190,000 LISAs have been opened, and £170m paid in bonuses so far.
Hargreaves Lansdown personal finance analyst said: “First-time buyers have had a £50m leg-up onto the property ladder from HL Lifetime ISAs. According to Zoopla, that’s enough to buy Mansion House (a stately home in Westminster with 7-bedrooms and an indoor pool currently on the market for £36m), with enough left over to pick up a £14m Chelsea townhouse.”
“With the £4,000 annual allowance, the government offers up to £1,000 of free money each year. And there’s every sign that savers are making the most of their allowances: government figures show that in the first year, the average LISA held £3,114, so the average bonus was £778.50.”
“So whether you fancy your own central London stately home, or you just want to get out of the rental market and into a place of your own, if you’re aged 18-39, and have at least a year until you plan to buy, a LISA could offer just the leg-up you need.”