Abbey savings account 'targets FTBs'

04-Nov-2008

A new savings account has been launched by Abbey designed to help people save up for a deposit on their first home.

The bank's First Home Saver account is aimed at potential first-time buyers (FTBs) aged between 16 and 35 and offers a variable rate of eight per cent.

Users are required to put away between £100 and £300 each month by standing order and partial withdrawals are not allowed, Abbey revealed.

Alison Brittain, executive director of retail at Abbey, said the best value mortgage deals are available to borrowers who can afford to pay a deposit.

"By helping first time buyers save towards a first home, we are re-establishing the link between savings and a mortgage," she said.

This will mean FTBs will be able to obtain more competitive and affordable mortgages, Ms Brittain added.

Nationwide's monthly house price index last week revealed that house prices in the UK have fallen for 12 consecutive months, which means that many more potential FTBs might now be in a position to afford to get onto the property ladder.

FTBs 'positive about market future'House prices continue to fallFTBs 'undeterred by economic climate'

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

2012: Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar