The Best savings accounts for First Time Buyers
If you are saving for your first home you will undoubtably feel the pressure from lenders who require at least a 10% deposit, around £16,000 if we take the North West average house price. Many banks and building societies have recognised the struggle facing many First Time Buyers and tailered some of their accounts to help those saving for their first home, here we highlight some of the best:
Nationwide 'Save to Buy' account
Nationwide we one of the first to offer such an account, their Save to Buy savings and mortgage offer helps First Time Buyer's by offering a competitive savings rate which gives you access to a higher LTV (Loan To Value) rate and cashback on completion. Once you have held the account for a minimum of 6 months and a maximum of 3 years you can apply for a Save To Buy mortgage as long as you have made regular payments to the account. For more information on criteria and benefits visit Nationwide.
Yorkshire Building Society First Time Buyer Savings Account
This is a new account from YBS which has been designed to help First Time Buyers save towards a deposit. The account offers £100 cashback when you take out a YBS mortgage and unlike the Nationwide account will give you instant access to your savings.
Halifax offer a £600 reward when you save in one of their savings accounts and then take out one of their mortgages. You just need to make regular payments of at least £150 into one or more of their savings accounts to be eligiable. If you are only just beginning to save however be aware that the offer ends in July 2013. For details visit Halifax Head Start Saver.
Regular savings accounts
These offers aren't to say you should dismiss regular savings accounts as these often offer the better rates of interest. Use comparison sites such as Moneysupermarket and Moneysavingexpert.
