Martin Lewis, founder of MoneySavingExpert, has endorsed a simple £1 scheme for anyone turning 18 to accelerate savings for a first home. In a video shared to Instagram, Lewis explained that putting just £1 into a Lifetime ISA (LISA) shortly after turning 18 triggers the one-year account requirement needed to access the government's 25% bonus on the first property purchase.
The Unbeatable Way to Save for a First Home
Lewis told secondary school pupils that the Lifetime ISA is 'the unbeatable way to save for your first home.' He highlighted that savers can contribute up to £4,000 per year, with the state adding 25% on top, up to £1,000 annually. However, he warned that the property must cost under £450,000, which may be restrictive in London where first-time homes often exceed that threshold.
How the £1 Trick Works
Lewis advised: 'In the first couple of days after you turn 18, put £1 into a Lifetime ISA.' This ensures the account has been open for at least a year before the bonus can be claimed on a first property. Even if young people 'forget all about it,' the timer starts. He added: 'You'll soon get past that year without noticing, and then, if you suddenly need it later on – maybe you came into an inheritance, you came into some money another way, you can shove your cash in and then you can use it straight away to get your 25% bonus if it's right for you.'
Combining Lifetime ISAs for Couples
Young couples who are both first-time buyers can combine their individual Lifetime ISA funds to purchase a single property together. Each partner can use their own 25% government bonus (up to £1,000 per year) toward the same deposit. For example, if both save the maximum £4,000 annually (£8,000 total), each receives a £1,000 top-up, adding £2,000 to the pot, totalling £10,000 per year. This can significantly speed up saving for a deposit.
Potential Pitfalls
Lewis noted that the £450,000 property price cap may be a hurdle in expensive areas like London. If a property costs more than £450,000, there is a penalty for using the LISA. Additionally, the account must be open for at least a year before the bonus applies. For more detailed information, Lewis directs users to his website for a full guide, including the best LISA options as of June 2026.
