Savings account ‘can help first-time buyers’

A new savings account designed to help people get onto the property ladder has been launched by The Nottingham.

The First Home Saver account is aimed specifically at customers who are keen to buy their first house but do not yet have a deposit.

It is one of the first savings accounts of its kind to be launched by a bank or building society in the UK, the firm revealed.

Spokesperson Clare Roberts stated that the service is the company’s way of helping people in the east Midlands region onto the ladder.

“We’re giving would-be buyers an account that is tuned into their needs as they begin the process of saving enough money to secure a home of their own,” she remarked.

Ms Roberts added that the product could help Britons to return to traditional values such as saving, rather than relying on “easy” credit.

Recently, the Council of Mortgage Lenders noted that first-time buyers must save up a substantial amount of money to obtain a mortgage.

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