Nationwide's Save to Buy Account/Mortgage

Welshprincess_2

Hi All. I have just joined the save to buy scheme with nationwide. This is going to sound very stupid but the man said something about having to put a max of £5,000 in????!?!?!?!? then is over flow or flow something and said but dont worry we cross that bridge when we come to it and sort it out. I wish Id asked more questions now and thinking on it I am aiming to save approx £900 a month into this account so in 6 months there will already be over £5,000 in the save to buy account....what did he mean does anyone have any idea?? or should I go back and ask....don't want to look an idiot! thanks all

redapple1

I've just closed mine as got a mortgage elsewhere but pretty sure you can save up to 20k. Then after that the interest rate drops.

TastyTeeth

You shouldn't exceed £20k into the Save to Buy account during the period of saving. If you do, it reverts to a standard saving product and the interest rate will drop.

None of this affects a potential mortgage application.

misscoupon

Welshprincess wrote: »

Hi All. I have just joined the save to buy scheme with nationwide. This is going to sound very stupid but the man said something about having to put a max of £5,000 in????!?!?!?!? then is over flow or flow something and said but dont worry we cross that bridge when we come to it and sort it out. I wish Id asked more questions now and thinking on it I am aiming to save approx £900 a month into this account so in 6 months there will already be over £5,000 in the save to buy account....what did he mean does anyone have any idea?? or should I go back and ask....don't want to look an idiot! thanks all

Did you open the Save To Buy ISA account? That would explain the £5kish amount...

Welshprincess_2

Hi Guys, please please help.
First of all how on earth do you post a new post here without commenting on someone elses original post if you get me, I am new to this site and just cannot find the option to post a new question/discussion.

secondly I am so confused. I have just opened up the new save to buy ISA with nationwide. Can you put more than £5,000 in this savings ISa per year?? If not I do not understand what I do as looking to save up to £800 per month and won't be able to do this then will I to save for a mortgage?? So confused all I want is one account just to save for a deposit on a house within the next 2 years and just somewhere to put it all in same place and keep track....I dont understand how nationwide can set up this and tell me its what would suit me if they only allow people to put in 5,000 per year!!!!!!!!!!!!!....................please help. thank you so much for any help or advise x

Welshprincess_2

misscoupon wrote: »

Did you open the Save To Buy ISA account? That would explain the £5kish amount...

yes I did.........is this a mistake?? I could cry all I want is to save in one place and told him this on the day...and how much I'd save and looks like now I cannot save more than £5,000 per year this is so not suited to me.............not happy! so much hassle! dont understand why people dont get what I want to do its not hard yet no one in nationwide can seem to answer me or direct me to the right place to save,..............

Thrugelmir

Welshprincess wrote: »

yes I did.........is this a mistake?? I could cry all I want is to save in one place and told him this on the day...and how much I'd save and looks like now I cannot save more than £5,000 per year this is so not suited to me.............not happy! so much hassle! dont understand why people dont get what I want to do its not hard yet no one in nationwide can seem to answer me or direct me to the right place to save,..............

Once the ISA is full. Then use the the N.Wide Save to Buy Savings Account.

Welshprincess_2

Thrugelmir wrote: »

Once the ISA is full. Then use the the N.Wide Save to Buy Savings Account.

FINALLY a simple answer - thank god for people like you! thank you so much!

samtoby

I had one of these accounts to save with and although they could not offer me a mortgage due to adverse it was a great place to save and they are now my bank and have been extreamly helpful.

TastyTeeth

:j:j We received our mortgage offer from the Nationwide today :j:j

Just under 3 weeks from application. Would have been quicker, but a system bug from Nationwide stopped our offer being auto-generated. The service I've received from DiP through to offer has been very good including troubleshooting the system issue.

This offer closes off a plan I set in motion just over 3 years ago to get back onto the housing ladder and repairing my credit worthiness after a very dark financial period. I've used credit very wisely (and carefully) to build my credit history and opened the Save to Buy account as part of this.

This site has also been a fantastic resource of knowledge. Couldn't have done it without the help and advise offered in here and the credit threads.

I'm over the moon and can't wait to complete on the purchase now towards the end of November :beer: