Leeds launches mortgage saver

First-time buyers looking to access the best mortgage rates and get onto the property ladder may be interested in the new mortgage saver product launched by Leeds Building Society.

Leeds believes that the innovative savings account will play a key part in helping first-time buyers save up for a deposit, double the amount of interest earned and encourage a monthly savings habit.

The new mortgage saver product comes after research from Leeds Building Society found that 90 per cent of first-time buyers said that getting mortgage advice was important and 85 per cent said they would welcome Leeds' product.

Kim Rebecchi, Leeds Building Society's sales and marketing director, said: "This product offers first-time buyers an excellent introduction to the mortgage process by encouraging and supporting, through double interest, the process of saving up for a deposit."

The double interest on the account is paid in the form of cashback, which allows it to be paid gross.

A summit featuring key organisations representing the mortgage, housing, insurance and charitable sectors was recently held to discuss initiative focussed on helping first-time buyers onto the property ladder.
 

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2011-02-17 12:51:15 © Moneyextra.com