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The lifetime Isa is being scrapped - what does it mean for you?

The changes will impact first-time buyers and those saving for retirement

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The government has announced that it's replacing the lifetime Isa (Lisa) with a new savings product specifically to help first-time buyers. But what will it look like?

In this episode of the Which? Money podcast, we’re joined by our mortgages and property expert Sam Wilson, who outlines what the Lisa is, how it’s helped first-time buyers, but also how it’s hampered certain house-buyers from accessing the government bonus because their property was too expensive.

The new account will be targeted only at first-time buyers, removing the Lisa component that helps those save for retirement. Rachel Vahey from AJ Bell shares her concerns that the self-employed will need more support to save money for later life.

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