MARTIN Lewis has revealed how to get up to £1,000 a year in free cash from the government. The consumer champion shared the tip on the latest episode of his ITV Money Show. Mr Lewis explained how y…
If you are on Universal Credit, your take-home pay needs to be £658.64 or more in the last monthly assessment period to be eligible.You can save a maximum of £50 per calendar month.
So if you put the maximum £50 in each month for four years, you would get a £1,200 bonus from the government."It is for people who are on Universal Credit or have low incomes.Mr Lewis added you will get the 50% bonus on the highest amount you had in your account at one time. So if you had £600 in there at one time, but had to use it all to repair a broken window and didn't add more money in, you would still get a £300 bonus from the government.If you are looking to get help buying your first home there are a number of schemes beyond opening a LISA.
There's the Mortgage Guarantee Scheme, where buyers can buy a home with a 5% deposit. The scheme runs until December 31. Meanwhile, there's the Shared Ownership scheme which allows people to buy a portion of a property and pay rent to a landlord on the rest.
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