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New savings account for first time buyers

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by David Masters
New savings account for first time buyers

The Nottingham has launched a new savings account designed to help first time buyers onto the property ladder.

The First Home Saver account is aimed at anyone wanting to buy their first house, but who has yet to save a deposit. The current average deposit needed by a first time buyer is £13,000.

It is one of the first accounts of its kind to be launched in the UK.

Company spokesperson Clare Roberts said: “We have been exploring ways we can help first-time buyers for some time now.

“The First Home Saver account is our way of helping those people in the East Midlands who want to own a home for the very first time.”

First Home Saver pays up to 3.5% interest to savers with £5,000 or more in their account.

The account can be opened by an individual or a couple with a minimum deposit of £10.

In addition, a £250 cash back bonus is available to any account holder who chooses The Nottingham to take out a first-time buyer mortgage.

Mortgages at The Nottingham are available at up to 95% loan to value (LTV).

“Something radical has got to happen for the first-time buyer market to come back to life,” said Roberts.

We are committed to playing a strong role in ensuring the needs of first-time buyers are catered for.”

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News posted: January 21, 2009

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