Nationwide's Save to Buy Account/Mortgage

BoracicLint

rodenal wrote: »

I completely forgot about the cashback, I think it goes up again depending on what's in the account doesn't it (*edit just checked the site and it doesn't mention this, i'm fairly sure my welcome letter does have a £1500 cashback criteria though)? When can the money in the savings account be accessed again, only on completion? I may look into dropping more into it.

I think £1000 is the maximum cashback currently, but I read in the terms and conditions that if it's on your welcome letter, they will honour it, so you've done well to get £1500!

I basically closed my Save to Buy account once I had the formal mortgage offer, so a few weeks before completion. The money is transferred straight to your current account instantly so it's ready to send to the solicitors, or used for furniture/moving expenses etc...

The cashback however takes up to a month after completion to be received.

BoracicLint

misscoupon wrote: »

Thank you for sharing your experiences. We're currently saving with the Save to Buy account and are planning to buy a home early next year, so this is encouraging to read.

No problem, good luck with your application!

A useful tip if you dont wan't to tie up all your savings in the Save-to-Buy account.... when you are ready to proceed with the formal mortgage application, transfer as much cash as you can into the account the day before you go into the branch to see the advisor. The cashback reward is calculated on the balance of the Save-to-Buy account when you apply, so it doesnt matter if you saved only £300 in 6 months and then stick £10,000 in the day before you apply...you'll still get the maximum cashback.

misscoupon

BoracicLint wrote: »

A useful tip if you dont wan't to tie up all your savings in the Save-to-Buy account.... when you are ready to proceed with the formal mortgage application, transfer as much cash as you can into the account the day before you go into the branch to see the advisor.

Great tip, thank you!
I'm using the Flexclusive ISA and Nationwide Regular Saver to save the bulk of the money, so I will have to remember to transfer the balance to the Save to Buy account on time.

TastyTeeth

BoracicLint wrote: »

No problem, good luck with your application!

A useful tip if you dont wan't to tie up all your savings in the Save-to-Buy account.... when you are ready to proceed with the formal mortgage application, transfer as much cash as you can into the account the day before you go into the branch to see the advisor. The cashback reward is calculated on the balance of the Save-to-Buy account when you apply, so it doesnt matter if you saved only £300 in 6 months and then stick £10,000 in the day before you apply...you'll still get the maximum cashback.

Oops. Hadn't done this. Application done at 2pm and I've just transferred from my Nationwide ISA into the Save to Buy to make up to £10k. Fingers crossed its enough that I've got that in there today!!!

Hadn't realised the cashback would be on account balance on the day of application! Bit dull of me really!!!!!!

nakiwala123

BoracicLint wrote: »

I was offered 5.74%, although Nationwide have since reduced their rates slightly. I think the same product I was offered is now available at 5.69%.

Obviously not a fantastic rate, but at 95% LTV its affordable for me, and still cheaper than renting, plus I can make £500 per month overpayments without penalty.

The free legal fees and valuation are still available, but only on certain products. If you check the website it details which mortgages are included. I think for the Save-to-Buy mortgages, it is only the 4 year fixed rate that includes free legals and valuation.

Thanks for the response. We are also in the same position that we are paying very high rent and even at 6% interest we will still pay less on the mortgage than our current rent. But most of is the security of having your own home without the fear that at the end of the contract landlord will kick you out. Our current rental flat is on the market and once landlord gets an offer, we shall get the s21. Fingers crossed offers come in after we are ready to buy:(

congratulations to those who have managed to get their mortgages from the save to buy. Please keep sharing your experiences with us who hope to walk down the same path in the next few months.

TastyTeeth

So far, so good. App submitted in branch yesterday. Solicitors already appointed and valuation happening on the 29th October. Cracking service so far from the Nationwide

Shutterbug_2

Really how strict is their lending criteria. Ive got the deposit sorted and am over my 6 months of savings.

Ive recently finished a DMP and have cleared all accounts. There are however 2 defaults left on my file. One to drop off next Jan and one not until 2015.

Will it make any difference what so ever if we were to offer up the 15% deposit as apposed to the minimum 5%?

BoracicLint

I think you would struggle to be accepted at 95% LTV. 15% deposit would help, but I don't know what their underwriting criteria is like with regards to defaults.

Might be worth getting an IFA to review your credit file before you make your application, or take a risk and go for the decision in principle in branch.

Good luck

TastyTeeth

4 working days into the application...

Valuation all good. References called for and replied to. Application continues to progress according to plan. Still can't fault the service

Only downside, so far, is that I've had to appoint my own local solicitor and not take advantage of the subsidised legal fees and the solicitor chosen for me by Nationwide. Breeze+ (based in Bishops Stortford) wouldn't have been able to meet the deadlines for exchange and completion in this case (28 days). If it were a typical purchase, where I had the luxury of 8-10 weeks, I would have taken the Breeze+ option.

Like I said, not really Nationwide's fault, but one of the things folks should be aware of.

More updates to follow

samedwards27

I am watching this with interest, as my husband and I have the account and have been unsure about whether to go ahead and apply.

My main question is, how did you find their lending multiples? When I have completed the online calculator it wasnt very promising, but I wasnt sure how accurate this is?
We do have current accounts with Nationwide if that makes a difference?