Savvy first time buyers can help themselves

First time buyers looking for ways to enter the housing market need look no further than Britannia's HomeSaver Account with its new interest rate of 7.15% gross / AER.

Latest research from the Council of Mortgage Lenders shows that 38% of those who are not currently home-owners expect to be within five years - so now is the time to get serious about savings.

The 'have now' culture has increased the pressure on the bank of mum and dad – especially when it comes to buying a first property with nearly a third of potential first-time buyers (31%) anticipating financial help from their parents. Britannia Building Society has the answer to this 'bank of mum and dad' nightmare and aims to encourage would-be first time buyers to save a healthy deposit for themselves.

Neville Richardson, Group Chief Executive said: "Couples saving just £100 each per month for five years in a Britannia HomeSaver account would have a healthy deposit of nearly £15,000, enabling them to get a foot on the housing ladder.

"Putting aside some cash each month is good practice for when you become a real homeowner with a real mortgage. What's more, savers can be disciplined about their money as funds paid into this account can only be used to fund a Britannia mortgage – ISAs and other savings products can often be too tempting to dip into – especially for younger savers."

HomeSaver key facts

Minimum £250 investment
Interest Rate 7.15% gross (paid annually)
£250 cash back and free first standard valuation on mortgage completion when the account has been open for six months