Martin Lewis has advised parents to open a Lifetime ISA with just £1 for their children once they turn 18, to help get “the clock ticking” for them to buy a house.
He explained to This Morning on Tuesday (8 July) that the state adds a 25 per cent bonus towards a first-time property purchase, and you can contribute up to £4,000 a year.
“You put four grand in, you get about a grand a year, but you can only use it if it's been open for a year,” he said.
Lewis added that by putting in just £1, you can later add £4,000 and receive the bonus immediately, without having to wait.
“So you may as well have the Lifetime ISA open,” he added.
