"Why? Because to use the Lifetime ISA bonus you have to have had it open for a year. ![]() "but my big tip if you've never owned a house, unless you're too old, open one with a quid, if you've got kids who are 18, 19, put a quid in. "Unless you wait to age 60 where you would get it including the bonus. "Other withdrawals though if you're not using it for a house under £450,000 you will lose 6.25% so if you max this out, have 20 grand in, if you're not buying a house or if you're buying a more expensive house, you'd only get £18,750 back you wouldn't get the bonus and you would pay a penalty. "You can only open it if you're age 18-39, a 25% bonus is paid on up to £4,000 a year so if you put £4,000 in, £1,000 is paid on top, 25%, that's the most you can put in. ![]() Martin said: "A lifetime ISA or LISA is for first time buyers for a property UNDER £450,000. Read More: Martin Lewis' 48-hour warning to Tesco shoppers He told his financially savvy viewers that if you don't yet own a house, but you plan to one day, and you're aged under 39, there's a reason you should open an account for just £1 - because it could land you a huge bonus towards your first home. ![]() The money saving expert, who set up the MSE website and now has a regular TV show on ITV, was on his Martin Lewis Money Show Live on November 28 when he issued a key piece of advice to everyone of a certain age. Martin Lewis is urging people who have not yet got a foothold on the property ladder to spend £1 now to help buy a house.
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