Pictured above: L-R - Paul Wisher (commercial director at Derwent Living) & Lorraine Giddings (head of The Nottingham's branch network)

Derwent Living has teamed up with building society, The Nottingham, to help give first time buyers a lift on to the housing ladder.

The Derby-based housing provider already offers customers the opportunity to rent one of its properties for three years, before buying, through its 'try before you buy' scheme, which gives people the chance to save for a deposit while paying discounted rent for three years.

To make things even easier The Nottingham and Derwent Living have joined forces to offer help and support to first time buyers.

All Derwent Living customers interested in signing up to the 'try before you buy' scheme will benefit from The Nottingham's special advisory service for first time buyers. Customers will have the opportunity to meet with an advisor, from the building society, who will show them the best way to save their deposit.

First time buyers, taking advantage of the advisory service, will be able to open a 'First Home Saver' account which has been designed to help people save up for their first deposit.

'First Home Saver' rewards first-time buyers with an attractive rate of interest. It can be opened in single or joint names with a minimum deposit of £10.

By saving £200 a month for three years they will be able to build up a fund of £7,350*, that can be used as a deposit on the Derwent Living property they have been living in.

To make things even easier Derwent Living will also match the deposit up to 5% of the home value when renters buy the property. 

Paul Wisher, commercial director of Derwent Living, said: "We recognise the problems first-time buyers are having in the current climate and are providing them with an alternative option to simply renting. The opportunity to start renting a home that you would want to stay in, and then having the chance to buy that property, is a unique one and we feel will really suit those who are struggling to buy outright.

"By teaming up with The Nottingham we are making sure they have access to advice and support they need as well as a competitive savings account to ensure that they can save up their deposit over the three years."

Lorraine Giddings, head of The Nottingham's branch network, said: "As a mutual building society we are committed to supporting first-time buyers in the East Midlands, which is why we launched 'First Home Saver'.

"In the current climate, first time buyers need to save a much higher deposit in order to buy their first home and by working with Derwent Living we can ensure that more people are able to do just that."