The financial expert has renewed his calls for the Lifetime ISA
Martin Lewis, the financial guru, has delivered a crucial message to savers aged 18 to 39, advising them to put £1 into a Lifetime ISA to kickstart their savings journey. During his latest podcast episode with guest Adrian Chiles, Mr Lewis reiterated the benefits of opening a LISA for anyone looking to buy their first home.
He clarified to Chiles, "No, this is my bag, and we actually talked about it last week. So look, a Lifetime ISA gives you a 25% boost if you're an 18 to 39-year-old opener who is then buying your first-time property. So you can put up to four grand a year, you get up to a grand a year from the state on top."
He further explained the critical timing for the benefits: "But one of the criteria of a Lifetime ISA is that you have to have it open a year before you can get the bonus as a first-time buyer, which is why I advise everyone between the age of 18 and 39, who's never owned a property, to get a quid in a Lifetime ISA so that you start the clock ticking."
"So the question here is, is the property under 450? And when you say within a year, are you talking exactly a year? Or are you talking it's probably going to be nine months? If you think it's going to be less than a year, what I would do is I'd open a LISA with a pound now, I'd put the rest of your money in top savings or in a Top ISA."
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