New mortgage just for Staffs first-time buyers

The aim is to to help people across the county get on to the property ladder.

The building society, which has one of its branches in Stone, near Stafford, celebrates its 170th birthday later this year.

The new mortgage product that will only be available to first time buyers who are purchasing a property in Staffordshire.

It requires a low deposit of five per cent with no application or arrangement fees. A free valuation is also provided.

The £2,000 cashback is on the completion of the mortgage, and one lucky customer who completes their mortgage by August 31 will win an extra £10,000 cashback.

The society has 800 borrowers in Staffordshire and 1,110 in the wider West Midlands and 27,400 savers in Staffordshire.

David Lownds, head of products and marketing at Hanley Economic Building Society, commented: "Hanley Economic Building Society has been helping Staffordshire residents buy their own homes and save for their futures since 1854. This year, The Society celebrates its 170th birthday. To celebrate this milestone, we want to continue to show our support in the community – particularly for local first-time buyers.

"It's been a tough time for Staffordshire's first-time buyers over the past 18 months or so with higher interest rates and double-digit inflation. With spring just around the corner, this is the time of year when many first-time buyers look to get onto the property ladder, so we're expecting a large demand for the product.

"We recognise the challenges which first-time buyers face, so a low deposit of five per cent we believe will be attractive for many, and a £2,000 cashback will go a good way to helping with white goods, decoration and furnishing to make the house a home."