Skipton the first high street lender to sell Lifetime Isa

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Skipton Building Society is the first firm to announce plans to sell the version of the Lifetime Isa suitable for first-time buyers.

The lender will sell the cash version of the Lisa from June, letting people aged between 18 and 39 save up to £4,000 a year tax-free, plus a 25 per cent Government bonus.

The Lisa was announced by former chancellor George Osborne in the 2016 Budget to let savers either put down a house deposit or save for retirement. It is available as a cash option or as stocks and shares.

Hargreaves Lansdown and True Potential will both launch investment versions of the Isa, but no lender other than Skipton has announced plans to sell the cash version suitable for house deposits.

Skipton says it will announce more details of the Lisa nearer the launch date.

Skipton Building Society head of products Kris Brewster says: “The Lifetime ISA could be a real shot in the arm for people wanting to get on the housing ladder. Never before have we seen a savings account that gives such a boost to people saving up to buy their first home.

“As a mutual, offering a LISA to help people save for their own home and future is the right thing to do.”