Get paid to save for your FIRST HOME

Lifetime ISAs are an excellent option if you are considering climbing onto the property ladder

- Martin Lewis

The stamp duty holiday may be ending, but there’s still another route to free cash for first-time buyers – if you’re the right age, at least. Put money in a Lifetime ISA (LISA) and the state chucks an extra 25% on top, up to £1,000 every year.

This makes it the powerhouse financial move. To open a LISA, which is a tax-free savings account, you need to be aged at least 18 and you can get one up until the day before your 40th birthday. Here are my 10 key need-to-knows.

1 It’s only for someone who’s never owned or part-owned a home.

2 You can use it to buy any residential property (not buy-to-let) costing up to £450,000.

3 You get a 25% bonus on everything, up to £4,000 per tax year, you put in until you’re aged 50. So, if you save £1,000, you’ll have £1,250, and if you save the full £4,000, you’ll have £5,000.

4 Each person has their own LISA, so couples can have one each. Two first-time buyers, purchasing a property together costing £450,000 or less, can BOTH open one and save in it, doubling the bonus.

5 A first-time buyer, buying with someone who’s already owned, can still get the bonus. Again, this is because it’s an individual product.