Yasmin Howbrook和她的伴侣希望买一间三卧室首套住房，并预留一间供她（24岁）远端工作的房间，目标是能在未来几年成立家庭；他们在萨里和伦敦以£450,000为预算筛选，但很快发现可选房源不足。虽然他们实际上可负担接近£500,000，但Lifetime ISA（Lisa）规则把他们绑住：以首套房提取必须在£450,000以下。Lisa于2017年4月由George Osborne推出，18至39岁可每年供款最多£4,000，政府再按25%补贴，最高£1,000。最严重的问题是：若超过上限或未满60岁提取，需按账户全部余额收取25%罚金，不是只收补贴。举例而言，存入£4,000再拿到£1,000补贴后提取，总额£5,000需缴£1,250，储户自己实际少掉£250。

政府目前正在咨询改制，计划于2028年4月推出可取代Lisa的产品，但HMRC表示现有Lisa在既定规则下可「无限期」继续使用；但新制仍有关键不确定：是否仍设房价上限、是否定期检讨、1.3mn名Lisa持有人是否可无罚转移、留下旧制者的处理如何。市场环境已明显偏离：Martin Lewis估算，若按住宅均价上调，原本门槛应超过£600,000，较2017年高出35%；伦敦按揭首套房者平均接近£500,000。Howbrook在2025年11月最终仍以£490,000成交时，改用普通cash ISA补足头期款。29岁的John在2025年初向伦敦附近房源提交£450,000满额要约，但被更高报价淘汰，即使他们在Lisa之外还有额外资金可抬价。

研究和个案共同显示，Lisa上限已与需求脱节。首套房买家平均年龄已达34岁，越来越多人需要可养育家庭的首家，而非「先买小屋再搬大屋」。Tom Selby主张将25%提前提取罚金降至20%，仅回收政府补贴，并将上限与通胀挂钩；Martin Lewis则倾向对应房价通胀。新西兰KiwiSaver则提供可参考模式：允许3%至10%工资供款及自愿补缴，无存入上限；政府每投资$1可再补$0.5，年度上限$521.43，且首次购房可一次性提取且不受房价上限限制。2023-24年，约77%新西兰首套房买家使用KiwiSaver，而2024年英国仅约22%首购者使用Lisa。2022-23至2024-25年间，未授权提取人数持续超过授权购房提取，人为政府累积了£230mn罚金，Whelton因此认为现行Lisa已不符合目标。

Yasmin Howbrook and her partner wanted a three-bedroom first home and a remote-work room, with room to grow into family life. They searched in Surrey and London under a £450,000 budget, but found very limited options. Although they could technically afford close to £500,000, their Lifetime ISA (Lisa) withdrawal rules restricted them to property prices below £450,000. Lisa, launched in April 2017, lets people aged 18–39 contribute up to £4,000 a year and receive a 25% government bonus capped at £1,000. The major constraint is the withdrawal charge: taking out savings to buy above the cap or before age 60 incurs a 25% penalty on the entire account, not only on the bonus. For example, £4,000 in plus £1,000 bonus becomes £5,000, and £1,250 must be paid, effectively costing the saver £250 of their own money.

The government is now consulting on a replacement product, potentially launching in April 2028, while HMRC says current Lisas can continue under existing rules indefinitely. But unresolved issues remain: whether the new scheme keeps a property cap, whether it will be regularly reviewed, whether 1.3mn holders can transfer without penalty, and what happens to those who stay with Lisa. Market data show the mismatch: Martin Lewis estimates a price-linked cap would now exceed £600,000, a 35% increase from 2017, while average mortgaged first-time buyers in London now pay just under £500,000. In November 2025, Howbrook had to preserve her Lisa and use a separate cash ISA to complete a £490,000 purchase. John, aged 29, also reports a full £450,000 offer being beaten, even though he and his partner could have increased their bid with non-Lisa savings.

Evidence suggests the design is increasingly outdated. The average first-time buyer age is now 34, and many need a larger starter home for family life. Tom Selby proposes lowering the 25% early-withdrawal charge to 20%—so it repays only the state bonus—and indexing the cap to inflation. New Zealand’s KiwiSaver offers a contrast: contributions can be 3% to 10% of pay (with voluntary options), there is no savings cap, and the government adds $0.50 per $1 up to $521.43 annually; one home-buy withdrawal is allowed and there is no house-price cap. In 2023-24, about 77% of New Zealand first-time buyers used KiwiSaver, versus around 22% in UK in 2024. Unauthorised withdrawals outnumbered authorised home-buy withdrawals across tax years 2022-23 to 2024-25, generating £230mn in charges, and Whelton argues Lisa is no longer fit for purpose.