Clydesdale Bank today (16th April 2012) highlighted the success of their Regular Homesaver Account in helping First Time Buyers get onto the property ladder.
Launched in April 2011, the account provides a simple way to save monthly towards a deposit on a first home with the flexibility to vary payments during the term and the added bonus of up to £1,000 cash back* when taking a Clydesdale Bank First Time Buyer (FTB) mortgage.
One step closer to taking their first step onto the property ladder are brothers, Lewis Gatt and Callum Leith, who have been saving with the help of the Regular Home Saver account since June 2011.
Lewis (23) and Callum (24) are both electronic technicians who live at home in Sheddocksley, Aberdeen, and wanted to save to buy a house together. They chose the Regular Home Saver account because of the great benefits available to them and have been saving £500 a month since last summer.
The brothers are continuing to save for a while longer to get a large deposit together before starting their search for a property, and are hoping to secure one of Clydesdale Bank’s FTB mortgages to take advantage of the competitive rates and cash back bonus.
There have been high levels of demand for the Regular Home Saver account with most prospective homeowners keen to put away more than the £200 minimum required.
Over the past 12 months 39% of those who have opened an account are joint applicants compared to 61% who are paying into an account on their own.
Those with their own Regular Home Saver account are saving considerably more than those with joint accounts. The average amount for sole account holders is in the region of £2,800 to £3,100 compared to £2,150 to £2,450 for joint account holders.
Clydesdale Bank also offer a competitive 95% loan-to-value mortgage* for first time buyers. The mortgage is fixed for three years at an initial rate of 6.19% before moving to the standard variable rate after this period. There is an arrangement fee of £599 and the bank will pay for one home valuation*.
Steve Reid, Retail Director for Clydesdale Bank, said: “We appreciate how difficult it can be for first time buyers which is why we remain committed to supporting this market with a range of competitive mortgage products.
“In addition to our 95% LTV mortgage, we also offer support to customers throughout the whole buying process with our Regular Home Saver account, which helps them build a deposit and get a foot on the housing ladder.”
For more information on the mortgage products offered by Clydesdale Bank, please contact 0845 602 5450 (opening hours 8am – 8pm Mon-Fri) or visit www.cbonline.co.uk