Halifax has teamed up with house builder Persimmon to offer first time buyers the chance to double their deposit savings.
Halifax says the deal will help young people to save rather than spend, and allow them to buy their own home in the near future.
The scheme will allow first time buyers placing regular deposits into a Halifax or Bank of Scotland savings account to double their deposit when buying a Persimmon Home.
Savings must be made for a minimum of six months and can be up to £5,000. Persimmon will then double the amount saved up to a maximum of £10,000.
David Bryant, group development director at Persimmon, says: “Not only will the ‘Double your deposit' scheme allow more people to be able to afford a deposit for a new home, it actually encourages young people to save instead of spend.”
Persimmon, along with other house builders, has struggled to sell its homes over the past year as prices begin to fall and finance sources have dried up. The firm has made a number of job cuts and cancelled many of its planned projects.
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