Help to Buy ISA savers could miss out on free cash for their mortgage deposit | Personal Finance | Finance

“If you think that you will hit that £3,000 Government bonus threshold at some point you should consider moving your money to a Lifetime ISA before you hit the maximum bonus cut-off.”

The LISA is also more flexible, as rather than a monthly limit of £200 a user can pay in any amount over the course of the year, up to a total of £4,000.

To set up an ISA, a saver must be aged 18 to 39, with the 25 percent bonus paid every year on any deposits, until they reach the age of 50.

A person has to have their LISA open for more than 12 months before they can use the funds to purchase a house.

If any cash is withdrawn before the age of 60, for any reason other than buying a home, there is a 25 percent penalty on the amount withdrawn.