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Help for people thinking of first UK mortgage

Date: Fri, 28 Oct 2005

People trying to get on the property ladder and apply for their first UK mortgage are to given help by a new scheme.

The Royal Bank of Scotland has launched a new First Home Saver account which is aimed directly at potential first time buyers. The account will allow people to save up a deposit so they can secure their first UK mortgage.

The specialised account offers customers up to 3.5 per cent gross AER as well as a tax-free cash bonus of up to £360 when they successfully complete an application for a Royal Bank of Scotland mortgage product.

"Every penny counts when thinking about saving for your first home and it’s never too early to start putting money to one side," said Darrell Evans, product director of the bank's marketing.

He added: "The Royal Bank’s First Home Saver account is a smart way to get used to a new monthly commitment, aiding financial discipline by requiring a monthly deposit into the account.

"Having an account specifically for saving towards your deposit and fees, is an ideal way to separate your residual cash from your everyday spending."




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