Mortgage strategy.co.uk: Nationwide offers account holders 95% LTV mortgage
Jo TangMarketing Manager, YPC Group
Nationwide is to launch Save to Buy - an account for first-time buyers to save regularly towards their deposit that also enables them to apply for a 95% LTV mortgage.
The account will be available from May 6 2011, on a direct only basis.
Save to Buy will offer first-time buyers a regular savings account paying a rate of 2.5% gross p.a./AER variable on balances up to £20,000.
The account can be opened with £50 and customers have to save at least £50 per month, plus customers have the flexibility of not paying the minimum monthly amount for up to three months during a rolling 12-month period. If the first-time buyer goes on to take out a Nationwide 95% LTV mortgage, there is also a cash-back reward of up to £1,000.
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For first-time buyers to be eligible to apply for a Nationwide 95% LTV deposit mortgage, they must have been saving in Save to Buy for between six months and three years. They will then be eligible to apply for a 95% LTV mortgage that were previously exclusively available to existing customers moving home.
Martyn Dyson, head of mortgages at Nationwide, says: 'We've listened to our customers and we know there is a need for mortgages with a 5% deposit for first-time buyers which aren't widely available in the market. So with Save to Buy, they can save a deposit with a competitive interest rate and then have access to a 5% deposit mortgage, meaning their first home could be a closer reality than they might think.
'We'll also help with those all important home-related expenses with a cash-back savings reward, where the more they save, the more cash-back they earn.'
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