UK Money News
21st May 2008
NatWest targets first time buyers with 'cutting-edge' savings account
NatWest has launched a new account which it claims will assist first time buyers to get on to the property ladder.
Consumers opting to open the First Home Saver Account are promised £5,000 from the lender in the form of a tax-free cashback payment when they complete a NatWest mortgage.
Entry to the offer is secured with a deposit of £100, with holders obliged to make at least one regular monthly payment of at least £50 by standing order.
By opening the account, savers also benefit from a rate of return of 3.10 per cent on their savings, meaning that when combined with the sum of £5,000 being offered they are getting the equivalent of just under 20 per cent AER explain on their savings.
The launch of the offer comes at a time when first time buyers are continuting to struggle to secure mortgages despite moderating house price inflation.
This has resulted in part from lenders' tightening of their mortgage loans criteria which has meant that novice homebuyers are frozen out.
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