Vernon launches Help to Buy ISA

Stockport’s Vernon Building Society is enforcing its commitment to help Stockport’s first time buyers get on the property ladder with the launch of a Help to Buy ISA.

The Vernon has just launched a government backed Help to Buy ISA that will see first-time buyers earn a 25% savings bonus towards their first home.

The new ISA features an outstanding interest rate of 2.1% on top of a 25% bonus which will provide some much needed relief to aspiring local homeowners.  

The account features a competitive 2.1% rate of interest and is exclusively available to savers within 25-miles of Stockport. Furthermore, when the savings are used for the deposit on a house the Government will pay a bonus of 25% on the account’s final balance, up to a maximum of £3,000.

The Vernon’s Head of Sales and Marketing, Ian Keeling, said “We anticipate that our new Help to Buy ISA will attract the next generation of Stockport homeowners who are currently setting aside money for a deposit.

“Our personal and common sense approach to mortgage lending is also well regarded by first-time buyers and therefore we expect that many Help to Buy ISA savers will take a Vernon mortgage when they buy their home.”

Nationwide’s House Price Index reports that property prices have increased by 10.58% in the North West since June 2013.

“The Government’s Help to Buy scheme is a great boost to aspiring homeowners who are working towards their first home.

“Saving for a deposit is a difficult first step and is becoming more challenging in the context of property prices rising faster than wages. The Help to Buy ISA will certainly provide some much needed relief.” said Ian.

Founded in 1924 in Stockport, Cheshire, the Vernon is an independent, mutual building society. The Vernon seek to provide competitive mortgages, savings and investment products and to be a trusted source of reliable financial advice within their local community.