21 Jan

RBS IP offers help for first-time buyers

RBS IP offers help for first-time buyers

A new product has been launched by RBS Intermediary Partners that has been designed to assist first-time buyers trying to put together a deposit.

The First Home Saver Account pays interest at a rate of 0.5 per cent and offers up to £5,000 cash back, tax-free, to savers who go on to take out an RBS mortgage, Introducer Today reports.

Legal & General Mortgage Club has been working with RBS on the new scheme and mortgages director at the financial services company Ben Thompson said he was "pleased" to be part of a collaboration that helps those who want to buy a property.

He suggested there had not been much good news for this segment recently, but "things seem to be on the up as loans to first-time buyers are up almost 50 per cent and first-time buyer confidence is on the increase".

The Mortgage Club announced last month that it had expanded its panel of lenders to include Newcastle Building Society, with which it launched a number of semi-exclusive mortgages.ADNFCR-1222-ID-19569484-ADNFCR

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