Martin Lewis urges parents to do one key thing as children turn 18

Martin Lewis urges parents to do one key thing as children turn 18This Morning, ITV

Transcript

00:00once your kids turn 18 or 19 put a pound in a lifetime isa for them why a pound very good

00:05question so the reason it's a pound is because the lifetime isa is this amazing product for some

00:12doesn't work for others where you can put up to four thousand pounds a year and the state adds a

00:1625 bonus towards a first-time property so you put four grand in you get a grand a year but you can

00:22only use it if it's been open for a year you only get the bonus if it's been open for a year so why

00:27put a pound in because that starts the clock ticking you put a pound in even if they don't

00:31want to use it now if they suddenly decide in two years something's happened that they can buy a

00:35house they could then shove the four grand in and they'd get the thousand pound bonus straight away

00:40rather than having to wait so you may as well have the lifetime isa open anybody aged between 18 and

00:4639 who has not opened a house get at least a pound in the worst that can happen is if you want to take

00:51it out you'd pay a 6.25 penalty so you'd lose 6p so it's a 6p risk for doing this equally

00:57anyone aged 39 who's never bought a house or not opened a lyser get yourself a pound in before

01:02you turn 40 because you can open it beforehand and it stays valid afterwards but if you don't

01:06open it before you're 40 it doesn't

01:07you can open it before you do not have that house or not opened it before you can do that

01:19you can save it Rainer then I don't know how anymore you're going to get the house or you can

01:19just use the house.

01:19You have to take the house for 30 minutes now.

01:20You do have to take the house for 20 minutes enough.

01:21I don't know if you don't have a house with your house or even if you don't have a house