Nationwide celebrates second anniversary of Save to Buy scheme

Nationwide Building Society is helping tens of thousands of aspiring home buyers move a step closer to buying a property of their own through its Save to Buy scheme.

Related topics:  Mortgages
Amy Loddington
30th April 2013
Mortgages
A total of 1,715 customers have so far bought a home with Nationwide's Save to Buy scheme, which marks its second anniversary this week.

The scheme enables customers to save towards a mortgage deposit for between six months and three years. They can then apply for a home loan with just a 5 per cent deposit.

But a total of 29,623 Save to Buy accounts have been opened since launch, with the average account balance being £3,270. It means thousands more potential home buyers are on their way onto, or up, the property ladder.

The most popular choice of mortgage taken out by Save to Buy customers is a four year fix, with an average deposit of 7 per cent deposit. The average loan size is £137,000.

Save to Buy was originally launched to help first time buyers, but earlier this year Nationwide extended the scheme to home movers.

Tracie Pearce, head of group mortgages at Nationwide, said:

"In the past two years since we first launched the Save to Buy scheme, we have helped thousands of customers on their journey towards home ownership.

"The scheme has proved so successful that we have extended it to those who already own their own home and are looking to take the next step up the property ladder."
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