First-time buyers are set to get a new Government-backed savings scheme to help them get on the property ladder.

Savers using the new ISA will not be hit by the same penalties for withdrawal as with the Lifetime ISA

Treasury also promises a new first-time buyer Isa with no upper age limit, as the ‘age at which a first home is bought is rising’

The First Time Buyer ISA would give savers a bonus when purchasing their first home, similar to how the Lifetime ISA works

The government has confirmed it is replacing the hotly debated Lifetime ISA with a new product aimed solely at first time buyers

First-time buyers are set to get a new Government-backed savings scheme to help them get on the property ladder.