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Wales Online
Wales Online
National
Thomas Lynch

Martin Lewis urges This Morning viewers to open Help to Buy ISA as deadline approaches

Martin Lewis appeared on This Morning today to explain why first-time buyers should open a Help to Buy ISA - even if you don't have any savings.

The financial guru spoke to Holly Willoughby and Phillip Schofield about the scheme and urged people to take advantage of it before it's too late.

He said: "My big message today is if you're aged 16+ and you've never owned a home in any way, shape, size or form before, I would go and put a quid in a Help to Buy ISA right now, even if you're not sure you'll use it."

Watch the video above to see what Martin had to say.

The deadline to open a Help to Buy (H2B) ISA is November 30. It's a scheme in which the government matches any contributions you make towards a H2B ISA by 25 per cent. In other words, you get an extra £250 per £1,000 you put in.

However, even if you don't have the initial minimum deposit of £1,000 to qualify for the 25 per cent boost from the government, you still open a H2B ISA by putting £1 to get it started.

You can then start adding more money to it at a later date.

As Martin explained, the scheme is available to those aged over 16, and you can only apply if you've not owned or part-owned a home before.

You can save up to £1,200 in the first month, and £200 each month after that.

This Morning airs weekdays at 10:30am on ITV

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