Nationwide's Save to Buy Account/Mortgage

rodenal

Recent payslips and last years p60's were all they took a copy of. I was asked to bring a bank statement from main current account to my appointment but it was never used.

Oh and a copy of our current home insurance but that was only to try and sell us their home insurance.

We were well inside affordability etc though plus have a current account (though not my main one) with them to qualify for the flexclusive offers though so the required docs may well differ dependent in your situation.

Jumex

Hello,

I have been using the Nationwide save to buy account for 5 months now. My partner and I reach the 6 month minimum on 28th Feb 2013.

We have arranged an meeting for an agreement in principle for the 7th of February. Providing all goes well we'd like to spend the 3 weeks between the 7th and 28th looking at houses, however, what if we fall in love with a place before the 28th?

Therefore, does anybody know if the 6 month minimum must be met before submitting a full mortgage application. Or does the 6 months determine the earliest date a mortgage can be completed?

Edit - May have found my own answer - according the Nationwide Save to Buy T&C's

Save to Buy Mortgage & Cashback Eligibility

To apply for the Save to Buy mortgage you must have held the Account for at least 6 months prior to application and meet the following requirements

Seems that a mortgage application can not be submitted until 6 months. I will check in branch when we have apply for our AIP.

rodenal

Seems that way, they checked our savings and current account to make sure we would be eligible for the flexclusive / save to buy mortgage before even running a DIP

DaveLand

Just to let you all know of our current situation:

Our DIP was based on their current rate of 5.69%, but the offer on the house wasn't accepted and was sold. We then found another ideal property and applied for the full mortgage today and found out that the rate has dropped by 0.10%!! (5.59% based on 95% LTV). This saves me £15 per month!! It all adds up...

The solicitor was appointed 20 minutes after the application - notified via text. With no chains from either the seller or us hopefully this will be a speedy completion...

nakiwala123

DaveLand wrote: »

Just to let you all know of our current situation:

Our DIP was based on their current rate of 5.69%, but the offer on the house wasn't accepted and was sold. We then found another ideal property and applied for the full mortgage today and found out that the rate has dropped by 0.10%!! (5.59% based on 95% LTV). This saves me £15 per month!! It all adds up...

The solicitor was appointed 20 minutes after the application - notified via text. With no chains from either the seller or us hopefully this will be a speedy completion...

Good luck DaveLand! Hope all goes well for you.

Jumex

DaveLand wrote: »

Just to let you all know of our current situation:

Our DIP was based on their current rate of 5.69%, but the offer on the house wasn't accepted and was sold. We then found another ideal property and applied for the full mortgage today and found out that the rate has dropped by 0.10%!! (5.59% based on 95% LTV). This saves me £15 per month!! It all adds up...

The solicitor was appointed 20 minutes after the application - notified via text. With no chains from either the seller or us hopefully this will be a speedy completion...

Are you using the Nationwide Legal Services? I understand they offer basic legal services for free with certain Save to Buy products.

rodenal

The basic conveyancing is free, you will still pay for searches etc. Total cost will be around £4-500 if it's a simple purchase so probably a 50% saving.

DaveLand

Jumex wrote: »

Are you using the Nationwide Legal Services? I understand they offer basic legal services for free with certain Save to Buy products.

I am using the free conveyancing and the free basic survey. I hope to borrow the keys soon to conduct my own (unofficial) survey as I'm a construction manager who should know about potential dilapidations of buildings!!!

I will keep all posted within this thread as it has helped me greatly. Current situation is that the estate agents/zoopla etc. now have "offer accepted" on the property and the estate agents are waiting for the seller's solicitor...

nakiwala123

Hi All,

To qualify for the £1000 cash back, do you have to have the £10k in the save to buy at AIP stage or at full application stage?

DaveLand

nakiwala123 wrote: »

Hi All,

To qualify for the £1000 cash back, do you have to have the £10k in the save to buy at AIP stage or at full application stage?

You need to declare your savings at the full application stage. As I had an ISA with a tax free limit of just over £5k I could only declare that I could qualify for a £500 cashback. The mortgage person said I should appeal for the full amount after it all goes through as long as I could prove that I have saved the money in the other accounts. Very annoying...