Savings Account For First Time Buyers From Leeds
Published: 16 February 2011 By MoneyHighStreet Staff 1 Comment
Leeds Building Society has a new savings account specifically designed to help first time buyers save up for a deposit to buy their house.
The new Mortgage Saver Savings Account offers 1.5% gross p.a variable with the gross interest earned doubled with a cashback (up to a maximum of £1,000) when the savings are used as deposit for a mortgage with the Society.
The minimum investment is £20 and the maximum £50,000 (£100,000 for joint accounts). Two penalty fee withdrawals can be made per year, any further withdrawals require the account to be closed.
Kim Rebecchi, Leeds Building Society’s Sales and Marketing Director said, “We are all well aware of the challenges faced by First Time Buyers in terms of understanding the mortgage process, saving for a deposit and finding the right product to suit their needs. At Leeds Building Society, we have a proven track record of helping customers buy their first home and are constantly looking at ways to increase this support.”
She added “Customers will benefit from regular reviews with qualified mortgage advisers so that they fully understand the amount they can borrow and the costs involved as their circumstances and the market change.
Furthermore, the benefits of the Mortgage Saver can be applied to any of the Society’s mortgage products, including shared ownership, so that FTBs find a product to suit their individual needs.”
More information can be obtained from Leeds branches, their website or their savings hotline, on 08450 540 995.
Good to see lenders responding to the tough conditions without taking excessive risks. The more lenders that break ‘the mould’ the better off first time buyers will be.