Britannia acknowledges difficulties facing first time buyers

Neville Richardson, Group Chief Executive of Britannia, said: "Getting on to the property ladder is not just about choosing the right mortgage; it's also about saving money for a deposit and making the right lifestyle choice.

"Britannia encourages first time buyers to plan ahead, set aside as much money as possible each month and build up a healthy deposit over a period of time. In doing so, they will also be in a regular habit which will prepare them for the responsibilities of having a mortgage with monthly subscriptions to pay."

The Society's HomeSaver account is specifically designed to help customers save towards a house deposit. With a rate of 7.50%, it is available to customers who are looking to take out a Britannia mortgage and also offers £250 cashback and a free standard valuation when they apply.

What's more, HomeSaver reduces the temptation of dipping in to the savings as first time buyers will only receive the full benefits when they apply for a Britannia mortgage.

Britannia recognises that people's needs vary when it comes to finding the right mortgage and its range is tailored to offer something for everyone, depending on their personal situation.

Neville added: "While some buyers may prefer the security of a fixed rate, with the knowledge their payments will be the same each month; others may prefer the flexibility of offset and flexible products and the additional benefits they offer.

"To give greater flexibility Britannia offers a number of options for each product with a range of fees, including fee-free packages, and rates. That way, buyers can select a product which truly reflects their needs and circumstances."