NatWest provides help for first-time buyers

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by Kay Murchie

A new savings account has been introduced by NatWest which is aimed at those saving a deposit to get onto the property ladder.

The First Home Saver Account offers a tax-free cashback of up to £5,000 upon completion of a NatWest mortgage.

The account can be opened with a minimum of £100 and under the terms, customers must make at least one regular monthly payment of at least £50 by standing order. However, additional deposits can be made whenever they want.

The final amount however depends on how much the customer has saved. This combination is equal to earning just under 20% AER on their savings, according to NatWest.

Customers must take their mortgage with NatWest and have the account open for at least 6 months.

A recent study by currency specialist, FC Exchange, has revealed that first-time buyers from the UK are increasingly considering investing abroad.

First-time buyers see the overseas property market as representing more opportunity for growth and better value for money, according to FC Exchange.