Nationwide mortgage save to buy scheme supports home-ownership.
It is the first anniversary of the Nationwide mortgage save to buy scheme. The lender advises that many of the young people currently stuck in rental accommodation who still aspire to buy a first property, could be helped by the scheme to get on the housing ladder.
More than 18,000 Nationwide mortgage save to buy accounts have been opened during the last 12 months which is 1,500 a month. The Lender advises that almost 66% of account holders make at least one deposit each month which averages around £400.
The save to buy scheme enables account customers to save a mortgage deposit for between 6 months and 3 years, before becoming eligible to apply for a competitively priced 95% loan to value Nationwide mortgage.
During the first 6 months of the scheme Nationwide advise that more than 220 satisfied customers have been able to move into their first home. A further 200 savings account customers have reserved a new mortgage deal and more account holders are reaching their savings goals each week.
Tracie Pearce who is the Nationwide mortgage head of products and pricing commented on the scheme, advising that over the last 12 months Nationwide has been highly impressed with its saving account customers commitment to regular saving as a means of becoming eligible for a cheap mortgage.
She added that Nationwide are keen to assist more individuals achieve their home-ownership dream through the save to buy scheme.
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