[ad_1]\n<\/p>\n
Financial expert Martin Lewis has shared his top tip for converting \u00a31 into \u00a31,000 towards your first home.<\/p>\n
Martin has urged people who are saving for a home to open a Lifetime ISA (LISA) account using \u00a31. You can put up to \u00a34,000 into a LISA each tax year.<\/p>\n
In return, the Government will pay you a 25% bonus, worth up to \u00a31,000, reports The Mirror. The catch? You can only use the LISA savings towards your first home or retirement.<\/p>\n
You also need to have the account open for a year before you can use it – so Martin suggests depositing \u00a31 to get the ball rolling. Speaking during his Martin Lewis Money Show Live on ITV, Martin said: \u201cYou put \u00a31 in\u2026 the clock is ticking, then when you want to use it, you can add your money in and because it\u2019s been open a year, you can get the bonus.\u201d<\/p>\n<\/div>\n
There are some other points to be aware of when hoping to use a LISA. One being the value of the house, which cannot exceed \u00a3450,000.<\/p>\n
Martin urged savers to watch out if they have to withdraw the cash for reasons that aren’t their first home or retirement. This is because a LISA comes with a 25% withdrawal penalty, which wipes out your saving boost and part of your investment.<\/p>\n
You must be aged between 18 and 39 to open a LISA, but you can keep saving into your account until you turn 50. If you’re in a couple, you can both open a LISA – which means a potential bonus of up to \u00a32,000 each tax year.<\/p>\n
The top rate of savings for a LISA is currently with Moneybox, which offers 4.25%. Martin shared a success story from one viewer who used a LISA to purchase their first property last year. <\/span><\/p>\n The message from the viewer read: “I put \u00a31 in back in 2021\/22 when this was mentioned, to activate. Started looking in 2022 and completed beginning of 2023. Thankfully I could use the LISA and I got \u00a31,000 for free. Thank you Martin.”<\/span><\/p>\n \u00a3450,000<\/span><\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":" [ad_1] Financial expert Martin Lewis has shared his top tip for converting \u00a31 into \u00a31,000 towards your first home. Martin has urged people who are saving for a home to open a Lifetime ISA (LISA) account using \u00a31. You can put up to \u00a34,000 into a LISA each tax year. In return, the Government will …<\/p>\n","protected":false},"author":1,"featured_media":20076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/20075"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=20075"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/20075\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/20076"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=20075"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=20075"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=20075"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}