Nationwide's Save to Buy Account/Mortgage

Dave_Ham

Typically Nationwide will do between 3 and 4 times joint income depending upon credit score...

Think they may be a bit tighter on the save to buy products though, not seen many go through...

thegirlintheattic

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.

Thanks for this! I started a save to buy in August but don't want all my savings in there. It's good to know I can transfer the rest in, plus my OH savings if we decide to apply through them.

MBFBM

Hi everyone

My experience has been really good. Applied in branch on a Friday afternoon and got text messages saying the solicitor had already been appointed etc.

Valuation was done the following Wednesday and had a text message on the Thursday saying the valuation was satisfactory and then another message straight after saying the mortgage had been approved.

I'm getting a 95% mortgage via the save to buy scheme and went for the 4 year flex with legals/valuation paid for. Mortgage is around the 230k mark.

BoracicLint

samedwards27 wrote: »

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?

As Dave Ham has said, the multiple varies between 3 and 4 times salary. my income multiplier was 3.6 with a Save-to-Buy mortgage. The calculator on the website is fairly accurate, they use the same to calculate your affordability when you visit the branch to apply. Having a current account doesnt affect your affordability unfortunately but does give you access to the flexclusive offers which run alongside the Save-to-Buy products.

BoracicLint

thegirlintheattic wrote: »

Thanks for this! I started a save to buy in August but don't want all my savings in there. It's good to know I can transfer the rest in, plus my OH savings if we decide to apply through them.

You're welcome. Just remember that they look at the cleared balance when you apply, so you might want to leave at least a few days for any money you've transferred to clear.

TastyTeeth

6 working days into the application...

Just waiting for news from the Nationwide about the offer now...not liking this waiting game

TastyTeeth

BoracicLint wrote: »

As Dave Ham has said, the multiple varies between 3 and 4 times salary. my income multiplier was 3.6 with a Save-to-Buy mortgage. The calculator on the website is fairly accurate, they use the same to calculate your affordability when you visit the branch to apply. Having a current account doesnt affect your affordability unfortunately but does give you access to the flexclusive offers which run alongside the Save-to-Buy products.

I found the calculator to be fairly accurate on the loan amount. I'm nowhere near my maximum amount they could have lent, so I'm hoping that will work in my favour when it comes to the decision?!?

BoracicLint

TastyTeeth wrote: »

I found the calculator to be fairly accurate on the loan amount. I'm nowhere near my maximum amount they could have lent, so I'm hoping that will work in my favour when it comes to the decision?!?

I think it should help, it will make you less of a risk I would have thought. Good luck with the application, it took me just over a week from receiving the txt about the valuation to receiving the offer so hopefully you'll hear back any day now.

Frances456

Hi all,
Great thread, good luck with all your mortgages, just wanted to note for other users that the Save-to-buy with Nationwide isnt suitable for recently (3-5 years in business) self-employed customers or people with a self employed other half,

Many Thanks,

newbridge

I was surprised to find that Nationwide were offering me approx 5 times my annual salary. This is odd cos all other banks i visited offered around 4 times.
Asking about how reliable this quote was compared to actual offer, she said it is pretty much same as long as credit check etc in order.