Martin Lewis has shared a warning for first time buyers on This Morning.
The financial guru appeared on the ITV show to discuss Lifetime ISA's with Holly Willoughby and Phillip Schofield.
He told viewers at home that there's just one month left to use this tax year's Lifetime Isa allowance, as it resets on April 6.
He said: "The Lifetime ISA is a savings product primarily for first time buyers, and if you save in it towards a house, when you buy that house you get free cash and a big amount of free cash.
"The key thing is you can put up to £4,000 each tax year in a Lifetime Isa, and you get 25% free cash on top of that so put £4,000 in you get £1,000 each tax year."
Reminding viewers of a crucial deadline, Martin added: "The tax year ends on April 5, so if you're eligible for this you want to be maxing it out before then and then on April 6 you get another £4,000 you can put in.
"So by April 6 you could put £8,000 in meaning £2,000 free towards your first home."
But who is eligible for a Lifetime Isa?
Martin explained: "A first time buyer is defined as someone who has never owned a property before, it can be used on any house worth up to £450,000 as long as it's a residential mortgage."
He added: "You can also use this for retirement savings, so you can take it out after the age of 60 and you can get the bonus as well."
However, if you withdraw for any over reason you will pay a penalty.
There are also rules, Martin pointed out that you can only open one if you are between the ages of 18 and 39.
Secondly, to use it for a house you have to have had it open for a year.
Stressing: "The sooner you open one, if you are definitely going to use it, the better."
Martin also shared the top Lifetime Isas, explaining that for cash Lifetime Isa MoneyBox at 1.4% is the top payer followed by the Nottingham Building Society at 1.25%.
This Morning returns weekday at 10am on ITV.
