Martin Lewis issued many warnings about the Help to Buy ISA deadline.
The scheme, which was launched in 2015, allows first time buyers to get a maximum of £3,000 from the government towards a house.
However, the deadline to apply for the account, for which you only needed to put £1 in, ended on November 30, 2019.
And while the Money Saving Expert website reported that Nationwide saw 300,000 people apply for the account in the week leading up to the deadline, there's no doubt that many missed it.
However, there is still a way to get a 25% bonus on savings for your first home, reports the MSE website.
This is with the Lifetime ISA, which the financial guru has spoken about many times on ITV.
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During an instalment on his ITV Money Show in November, he said: "Two years ago the Lifetime ISA launched – intended to replace the Help to Buy ISA.
"There are pros and cons of both."
But now the application deadline has closed, you'll have to look closely at a LISA to get a 25% bonus.
The ISA is for those aged 18 or older and you can actually save more as it lets you put up to £4,000 per tax year towards your first home or retirement.
With the government adding 25% on top, you could net up to £1,000 extra a year.
You also get to see the money in your account, where as with the Help to Buy a solicitor has to apply for the bonus at completion.
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If you open one at age 18 and keep it going until you turn 50, you could earn a total bonus of up to a whopping £33,000.
You can use it for a home deposit if you're a first-time buyer, although it must be on a property costing £450,000 or less.
There are cons though, on the MSE website it states: "The Lifetime ISA is much less flexible if you want to access your cash.
If you withdraw money and it's not to spend on a first home or retirement, you'll pay a penalty that works out to a loss of 6.25% of what you contributed – you also lose the bonus too.
For more information, head to the MSE website.
- Martin Lewis
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