Nationwide 'Save to buy' 5%

mforcer

Thanks for the advice guys, i think i definitely need to see an advisor.. there must be something good about this nationwide scheme, they are really pushing it at the moment.

I know i'll end up paying extra but thats one of the draw backs of being a first time buyer with little money.

opinions4u

mforcer wrote: »

Thanks for the advice guys, i think i definitely need to see an advisor.. there must be something good about this nationwide scheme, they are really pushing it at the moment.

I know i'll end up paying extra but thats one of the draw backs of being a first time buyer with little money.

As you progess through life make a point of not acting on this way of thinking.

DVardysShadow

mforcer wrote: »

my partner on the other hand is a concern, she gets rejected for everything such as mobile phones, she has never been in debt in her life,

Have you checked her credit records with the 3 agencies as I think was suggested on your earlier thread? If her poor credit rating is hampering you, then it makes more sense to get to the bottom of what is causing her problems and get it fixed than to clutch at one scheme as your only hope.

mforcer

DVardysShadow wrote: »

Have you checked her credit records with the 3 agencies as I think was suggested on your earlier thread? If her poor credit rating is hampering you, then it makes more sense to get to the bottom of what is causing her problems and get it fixed than to clutch at one scheme as your only hope.

We just tried experian and assumed it would be the same, can you tell me what the others are?

DVardysShadow

Equifax, Call Credit.

ViolaLass

OP, you sound very naive. Have you actually researched the costs (and steps) of buying a house (beyond paying the mortgage)? Do you really want to go into the biggest purchase of your life with so little information?

Thrugelmir

mforcer wrote: »

Thanks for the advice guys, i think i definitely need to see an advisor.. there must be something good about this nationwide scheme, they are really pushing it at the moment.

I know i'll end up paying extra but thats one of the draw backs of being a first time buyer with little money.

The purpose of the scheme is to attract people to bank and save with the NW.

By holding a flex account and saving over £10k you can obtain a £2,000 bonus. Which is a useful sum for FTB's.

Mortgages are available at different rates on LTV's between 5% and 14.99%. So save more and the rate will be slightly lower.

The biggest plus to the scheme is that the NW can see that you have both the ability and commitment to save. You may have to save longer than six months to be considered for a mortgage. But in the overall scheme of life that's no hardship.

PS. I have no connection to the NW. So my views are personal.

mforcer

ViolaLass wrote: »

OP, you sound very naive. Have you actually researched the costs (and steps) of buying a house (beyond paying the mortgage)? Do you really want to go into the biggest purchase of your life with so little information?

I'm just looking for advice on this scheme, my parents are home owners and my partners brother is a mortgage advisor... so i wont be short of information when the time comes. I wanted to know if there were any commitment risks nationwide wouldn't advertise.

Thrugelmir wrote: »

The purpose of the scheme is to attract people to bank and save with the NW.

By holding a flex account and saving over £10k you can obtain a £2,000 bonus. Which is a useful sum for FTB's.

Mortgages are available at different rates on LTV's between 5% and 14.99%. So save more and the rate will be slightly lower.

The biggest plus to the scheme is that the NW can see that you have both the ability and commitment to save. You may have to save longer than six months to be considered for a mortgage. But in the overall scheme of life that's no hardship.

PS. I have no connection to the NW. So my views are personal.

Thanks for this, you has restored some of my faith in the scheme, i think the target now is to open this account with nationwide and save as much as possible, not just my minimum deposit so i can give them a higher percentage deposit, thus lowering the rate and actually increasing my chances of getting it in the first place.

I know rates are going to be higher than usual, but i do fall into the 'first time buyer needing help' bracket.. so unfortunately there is going to be a short fall.

Starbrite

I opened this account earlier this mth, Personally I'm just using it to save as much as possible. It appears to me to be the only ISA around where I don't have instant access to my money and can add to it each mth...

Whether I apply for a nationwide mortgage is another matter entirely as their online Mortgage calculator says I can borrow £93,700 which round here will buy a parking space! (SW London)

To get my money back I will simply closed the account That at least is my plan, I'm sure someone will now point out a loop hole I didn't think of.....

inmortgagehell

My husband and I have been saving with Nationwide Save To Buy since May last year and have managed to save £16,000. We are now ready to buy and are looking at a £230,000 house so have the 5% deposit plus extra for stamp duty, solicitors and mortgage booking fees.

So, off I go to Nationwide today who declined our application. They had our Experian details and had no issues with anything we currently have on credit (a car hire purchase agreement and a Nationwide loan - no missed payments or defaults) SO they re-did the credit check as if we had 10% deposit and guess what? We got accepted.

Which comes back to the age old problem - money talks and the banks aren't really that interested in 95% mortgages. So unfair - now we have to go and rent whilst trying to save another £10,000...:mad: