The new account encourages first time buyers to save between £20 and £500 per month with the Society. If they take their first mortgage with Progressive too, they will be eligible for £500 mortgage cashback to spend as they wish. From buying a new sofa, to paying off fees, or even restarting their savings journey!

Commenting on the account, Declan Moore, Operations Director at Progressive Building Society said “we recognise that the past few months have been difficult for savers and buyers in general. Our First Home Saver has a competitive interest rate, as well as offering £500 mortgage cashback once account holders take their mortgage with the Society, so we hope the launch of this account will be of some help to first time buyers in these challenging times.”

Experiencing strong interest from first time buyers following the lockdown period, Progressive Building Society also recently confirmed the return of higher loan to value ranges, of up to 85% for first-time buyers.

Declan added: “The First Home Saver Account and the reintroduction of our 85% mortgage range complement each other well. Both initiatives affirm our commitment to supporting first time buyers as they embark on a journey to own their first home despite the economic challenges they may have faced as a result of the Coronavirus pandemic.”

As the Help to Buy: ISA, which entitled first time buyers to a potential 25% bonus from the government towards their first home deposit closed in November 2019, the First Home Saver Account’ will be welcomed by prospective buyers who may have missed the deadline last year.

The ‘First Home Saver Account’ will be available for savers aged 18 and over, from 3rd August. For further information and terms and conditions on the First home saver account, please visit theprogressive.com. Lending criteria and terms and conditions apply to all mortgage applications.