Britannia Building Society has launched a new savings account aimed at first-time buyers looking to find a mortgage.
The savings option is specifically designed for those wishing to find a mortgage with the society.
From December 2nd, the savings account features an interest rate of 6.55 per cent on balances of £250.
In addition to first-time buyers, the HomeSaver account is available to movers and those wishing to find a remortgage with the society.
Additionally, savers who apply for a mortgage with Britannia before December 31st 2007 will receive a £250 cashback and free standard valuation, although customers must have the account for six months to qualify.
Tim Franklin, Britannia's managing director of member business, commented: "First-time buyers who are already in a regular savings habit will find it easier when they have the commitment of paying mortgage subscriptions each month."
Earlier this month, research from Alliance and Leicester found that 42 per cent of parents would like to find a mortgage but cannot due to affordability constraints.
New savings option for borrowers
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New savings option for borrowers
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