First Nationwide mortgage Newbuy deal approved.

The first 95 per cent LTV Nationwide mortgage for NewBuy has been approved just over a month after the Government scheme was launched.

The first property to be purchased through the scheme, is a two bedroom apartment built by Bovis Homes which the buyer from Cambridge purchased with a Nationwide mortgage. It is hoped that this will be the first of many homes purchased through the scheme.

Bovis Homes have said that they are confident that the first purchase will be one of many as people come forward to take advantage of the 95 per cent mortgage NewBuy scheme.

A spokesperson commented on the deals saying that they are delighted with the NewBuy scheme which has helped it's first buyer purchase a new Bovis Home. The home builder said that they had hit the ground running with the NewBuy scheme and as a result have become the first to have a customer complete a purchase.

Housing Minister Grant Shapps also commented on the first NewBuy purchase saying that he wished the new home-owners well. He added that with four mortgage lenders and nine house builders now signed up to the scheme, 1000s of people could see home ownership dreams become a reality.

Andrew Baddeley-Chappell who is head of Nationwide mortgage strategy and policy advised the lender is delighted to have helped what they hope is the first of many customers buy a home.

NewBuy offers the opportunity for those with just a 5 per cent deposit to purchase new build property for up to a maximum value £500,000. Nationwide, RBS (NatWest), Barclays (Woolwich) and Halifax are all signed up to the scheme and it is hoped that others such as Santander will join soon.

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