THE north’s largest locally-owned financial institution Progressive Building Society has launched a new savings account aimed at prospective first-time buyers.
The account encourages first-time buyers to save between £20 and £500 a month, and if they take their first mortgage with Progressive too, they will be eligible for £500 mortgage cash back to spend as they wish.
The mutual's operations director Declan Moore said: “The past few months have been difficult for savers and buyers.
“But our First Home Saver has a competitive interest rate, as well as offering £500 mortgage cash back once account holders take their mortgage with the society, so we hope it will be of some help to first-time buyers in these challenging times.”
Experiencing strong interest from first time buyers following the lockdown, Progressive also confirmed the return of higher loan to value ranges of up to 85 per cent for first-time buyers.
Declan added: “The First Home Saver Account and the reintroduction of our 85 per cent mortgage range complement each other well.
“Both initiatives affirm our commitment to supporting first-time buyers as they embark on a journey to own their first home despite the economic challenges they may have faced as a result of the coronavirus pandemic.”
As the Help to Buy ISA, which entitled first-time buyers to a potential 25 per cent bonus from the government towards their first home deposit closed in November, the First Home Saver Account is likely to be welcomed by prospective buyers who may have missed that deadline last year.