Earlier this week, Mr Lewis warned Lifetime ISA savers that the allowance is a 'use it or lose it' system.

As such, those wanting to make the most of their Lifetime ISA allowance in the 2019 to 2020 tax year have until midnight on April 5 to pay in up to £4,000 and thus get the 25 percent government bonus.

Jen Lloyd, savings expert at Skipton Building Society, commented: "For those with the goal of buying a first home, it makes sense to really make the most of the Lifetime ISA contributions before the tax year is up.

"The LISA comes with a 25 percent government bonus on whatever you save (up to £4,000) – so there’s up to £1,000 up for grabs.

"So if you have an account and you haven’t reached the £4,000 limit yet, deposit as much as you can before April 6 to benefit from the maximum government top up.

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