Regular Home Saver provides a simple way to save monthly towards a deposit on a first home, with the flexibility to vary payments during the term and the added bonus of up to £1,000 cashback when taking a Clydesdale or Yorkshire Bank first-time buyer mortgage.
The average UK first-time buyer property costs an estimated £121,717 meaning a 5% deposit would be £6,085. Saving around £200 each month for two and a half years would achieve this target.
Clydesdale and Yorkshire Banks are part of just a handful of mortgage providers that offer 95% LTV loans to first-time buyers.
Steve Reid, retail director for Clydesdale Bank, said: "What we understand from speaking to first-time buyers is that with interest rates as low as they have been, they don't always see the value of saving.
"Regular Home Saver is straightforward and offers very real rewards for getting in to the savings habit and building a deposit: the more deposit you save, the bigger the reward… a home.
“As part of our ongoing commitment to first-time buyers, we have created a programme of support, where the Bank and the customer share the objective of building a deposit and getting a deal on a mortgage. Alongside the products we will help prospective buyers understand the importance of a good credit record and the steps in the house buying process."
