Leeds launch Mortgage Saver for first time buyers

Leeds Building Society has launched a unique savings product and service specifically designed to support first time buyers (FTBs) onto the housing ladder.

The UK's 5th largest building society believes this innovative savings account will play a key part in helping first time buyers save up for a deposit, double the amount of interest earned, embed a monthly savings habit and provide regular mortgage reviews.

Kim Rebecchi, Leeds Building Society's Sales and Marketing Director said, "We are all well aware of the challenges faced by FTBs in terms of understanding the mortgage process, saving for a deposit and finding the right product to suit their needs. At Leeds Building Society, we have a proven track record of helping customers buy their first home and are constantly looking at ways to increase this support."

The Society carried out research on customers who fit the typical profile of a FTB. One of the key findings was that 90% of customers said that getting access to mortgage advice was important, with over 85% stating that a product of this type would be a good initiative.

Kim continued, "This product offers FTBs an excellent introduction to the mortgage process by encouraging and supporting, through double interest, the process of saving up for a deposit. Furthermore, the double interest is paid in the form of a cashback, which means it can be paid gross. We also include interest earned over the life of the savings account, so the value of the cashback is even higher.

"We have a national branch network and operate on a ‘no appointment necessary' basis. Customers will benefit from regular reviews with qualified mortgage advisers so that they fully understand the amount they can borrow and the costs involved as their circumstances and the market change.

"Furthermore, the benefits of the Mortgage Saver can be applied to any of the Society's mortgage products, including shared ownership, so that FTBs find a product to suit their individual needs."