The First Home Saver account specifically caters for the needs of people who are eager to own a home for the first time - but don't yet have a deposit.
"We have been exploring ways we can help first-time buyers for some time now," commented The Nottingham's Clare Roberts. "The First Home Saver account is our way of helping those people in the East Midlands who want to own a home for the very first time.
"Not only are we offering a competitive interest rate, but we're also giving would-be buyers an account that is tuned into their needs as they begin the process of saving enough money to secure a home of their own."
First Home Saver pays up to 3.5% to anyone with £5,000 or more invested in their account. It can be opened in single or joint names with a minimum deposit of £10.
First Home Saver also offers a £250 cashback incentive to any buyer who takes out a mortgage through The Nottingham. This includes its first-time buyer mortgage which offers advances of up to 95% of the value of a property.
"Something radical has got to happen for the first-time buyer market to come back to life," added Clare Roberts. "And we are committed to playing a strong role in ensuring the needs of first-time buyers are catered for. That's why we are launching First Home Saver, and why we are one of a handful of lenders who have introduced a dedicated 95% mortgage for first-time buyers.”
