Nationwide's Save to Buy Account/Mortgage

oxfordmark

I wish i had seen this earlier!!!!!

I am just waiting on my partner to get a job (just finished uni) and we are going to start looking.

Carrotline

Given how much the estate agent we're buying the property off likes to harass us, I'm guessing we'll get a few calls tomorrow chasing us (because our Nationwide STB valuation is tomorrow) asking how long it will take the results to come through.

What's been the average for the people on here? Everything for us has gone deathly slowly, so not expecting anything flash.

nakiwala123

We received our offer on the same day as the valuation survey took place! But I understand that every case is unique. We completed on 7th June and I can't fault the whole process. NW were on the ball the whole time but I also think we were a straight forward case.

natashajane91

Hi this may seem silly but we're new to all this being first time buyers. Our 6 month period is up on 16th August and we currently have the ever so important 5% deposit. I am wondering however how much approximately will be needed to cover legal fees, stamp duty etc on a property worth 100 000 maximum as this is our maximum amount to spend. Also would you advise making an appointment with the bank once we get to August seen as we do have the deposit? Many thanks in advance.

nakiwala123

We went for the free solicitor fees which amounts to about £250. We had to pay for searches though which cost about £750 so in your position I would have £1k for solicitors.
You won't pay any stamp duty on properties less than £125k.

We went for the home buyers report survey which cost us about £270. NW paid for the valuation survey and paid the difference for the homebuyers report.

When we were ready to buy, we called our local branch and made an appointment with them. Make sure all your finances are in order as even at AIP stage they were very thorough. If you read this thread back you wil see what they require you to have. In our case they were insistent on having 6months worth of bank statements showing our rent payments.

Update from us, we completed on 7th June and our 1st mortgage payment came out on 1st July; they also deposited the £1k cash back on the 1st July.

tom1984

Hi everyone, any success stories at 95% LTV with this account?

nakiwala123

Tom1984 if you read through the thread you would know that the answer is yes. See my last post.:T

Tashd

Hi all - really helpful set of posts, thanks! Myself and my boyfriend are currently saving for a flat deposit, and this save to buy account seems like a smart move.

Can anyone advise though, whether the deposit has to be solely contained within this account, once the mortgage application is made?

I.e. we'd look to make regular payments into this monthly, and after 6 months transfer across money from another savings account to bring the balance up to £20k (to gain the cashback if we were successful), but we're looking at buying somewhere of a £280-£300k value, and hence will have a greater deposit saved than we can put in this account (without being penalised by decreased interest rate)

Any advise from those who have completed the process?

nakiwala123

No you don't have to have all your deposit in this account.

We had about £3k and then We transferred enough money into it to bring it up to £10k about 2weeks before our mortgage application.

Goodluck

RWBLDN

Hi all,

This is my first post so be gentle!

Having done a little research on mortgages, I ventured down to Nationwide this morning and opened an account with the mind to applying for a 5% mortgage in 6-12 months.

Our income is 73k +bonus (debt free) and we're looking to purchase a 300k property with @5% deposit (285k mortgage).

Do any other Nationwide Save to Buy customers feel happy to compare figures? I'm try to gauge if I could be successful when the time comes!

Thanks all.