Martin Lewis' MoneySavingExpert explains how to get £2,000 towards your first house

Martin Lewis' MoneySavingExpert website explained how to get £2000 each year toward your first home.

By opening a Lifetime ISA (LISA) account, you can gain a free 25% cash boost from the government.

How much can you gain each year?

In a LISA, you can only save up to £4,000 in a year, so the maximum bonus you can pocket is £1,000.

However, if you're a couple and saving for a home together, you could open a LISA account each - meaning you could potentially get £2,000 free each year.

“With a Lifetime ISA, the state adds 25% on top of what you save, which can mean a free £1,000/year,” explained the MSE team.“If you're in a couple, you can both save into a LISA and double the bonus. And even if one of you isn't a first-time buyer, the other can still do it.”

How does a LISA work?

Anyone aged between 18 to 39 can open a Lifetime ISA for free, however, the money must be used to buy your first home or for your retirement once you've reached the age of 60.

The bonus is paid monthly, and your money gains interest too. However, you only get a bonus on your contributions, not on the interest.

The maximum bonus in a LISA is £33,000 if opened at 18 and maxed out until you turn 50. LISA's can't be paid into beyond the age of 50.