First-time buyers may miss out on £32,000 government bonus through Lifetime ISA

First-time home buyers may be missing out on a potential £32,000 bonus from the government through the Lifetime ISA (LISA). This savings account, available to those aged 18-39, offers a 25% government bonus on annual contributions up to £4,000. To qualify for the LISA bonus, buyers must use the funds for a home costing less than £450,000 and must wait at least 12 months after their first deposit. Withdrawals for other reasons incur a 25% penalty, which can reduce the total savings. The LISA is one of several government schemes aimed at assisting first-time buyers. Other options include the First Homes scheme and concessionary mortgages, which help buyers secure homes at reduced prices.