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Abbey aims to help first-time buyers
3 November 2008 15:36
Abbey has announced an innovative new account which aims to help first-time buyers save for a mortgage deposit.
The First Home Saver offers eight per cent AER for savers aged between 18 and 35-years-old looking to make their first steps in the property market.
On completion of saving a deposit, savers will then be offered a mortgage interview with one of Abbey's advisers - yet customers are still free to look elsewhere for a better deal.
Executive director of retail for the bank, Alison Brittain, said that Abbey was committed to helping first-time buyers get onto the property ladder, with the group being one of the few lenders to remain active in the mortgage market during the credit crisis.
She added that by helping first-time buyers save towards a home, Abbey was re-establishing the link between savings and a mortgage.
Last week, Abbey announced that it would be cutting interest rates on several of its major mortgage products.
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