The MoneySavingExpert.com founder has issued a warning ahead of the end of the financial year, which falls on April 5, to anyone who hopes to buy their first home.
Martin Lewis, the nation's go-to expert for financial advice, has recommended that those aged 18 to 40 looking to buy their first home should consider opening a Lifetime ISA to benefit from the government's generous 25% savings top-up.
On his popular Martin Lewis Podcast, the MoneySavingExpert.com creator stressed: "The Lifetime ISA is a product you can open when you are between the ages of 18 and 40 - so the last day you can open it, is the day before your 40th birthday."Read more: HMRC warning to anyone with £3,500 or more in your savings account
Additionally, Martin Lewis highlighted the benefit for couples considering joint homeownership; combined, they could enjoy an annual state bonus of up to £2,000 through their LISAs. However, he pointed out an essential caveat for prospective homebuyers: The property price must not exceed £450,000 to qualify for the LISA benefits, reports the Mirror.
Commenting on the issue, Hargreaves Lansdown's head of retirement analysis Helen Morrissey remarked: "The Lifetime Isa is proving hugely useful with almost 57,000 people using one to help them get that all-important first step on the housing ladder in 2023/24. However, there's massive room for improvement as around 100,000 people made an unauthorised withdrawal from their Lisa during the same period and got clobbered with a withdrawal penalty.
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