As a result, the Society is offering a selection of rates for those with small deposits through Save to Buy, an alternative to the Help to Buy: Mortgage Guarantee scheme. In addition to Save to Buy, Nationwide continues to help customers with smaller deposits as a supporter of the Help to Buy: Equity Loan scheme.
Highlights include:
- New 4.44% Save to Buy two year fixed rate up to 95% LTV with £999 product fee (4.34% for existing Nationwide mortgage customers). First time buyers pay a reduced product fee of £499.
- New 5.19% five year fixed rate up to 95% LTV with £999 product fee (5.09% for existing Nationwide mortgage customers). First time buyers pay a reduced product fee of £499.
With Nationwide’s Save to Buy initiative, savings accounts can be opened with a minimum of £50, with customers saving at least £50 per month for six months or more. If the customer goes on to take a Save to Buy mortgage, depending on how much they save, there is also a cashback reward of up to £1,000.
Richard Napier, Nationwide’s Director of Mortgages and Savings, said:
“We are aiming to help aspiring homebuyers with smaller deposits to secure a home of their own. With Nationwide’s established Save to Buy scheme, customers who have demonstrated a history of saving are being given the opportunity to access a range of competitive mortgage rates. This shows that good savings habits and strong credit quality go hand in hand.”
