Nationwide save to buy

amn_2

Does anyone have any experience of the Nationwide save to buy scheme?

I've seen contradictory statements on their website, one says its open to first time buyers and home movers where as elsewhere it just says first time buyers. We'd be a home mover so would we be eligible?

Also what is the realistic chances of getting a 95% mortgage? That would be the main reason for applying, so we can move quicker. It'd only really make a difference of 6 months so not the end of the world if we can't.

Thanks

Thrugelmir

From the website.

A first time buyer is someone who has not has a mortgage in the last three years preceding the opening of the account. A home mover is someone who is moving home and has an existing mortgage that must be repaid on completion of the Save to Buy mortgage.

Do you intend saving a sizable sum into the account?

amn_2

That's the bit I saw but if you drill into the "Find out more" section there is this text:

To be eligible to apply for our Save to Buy mortgage:

You must be over 18 and a First Time Buyer (you have not had a mortgage in the last three years preceding the opening of the account)
Open our Save to Buy ISA or our Save to Buy Account.
You must apply for the Save to Buy mortgage between 6 months and 3 years of opening your Save to Buy savings account

No mention of home movers, hence my confusion

We'd be looking at saving a minimum of £1500 a month over the next 12-18 months with the possibility of a few additional lump sums.

guesswho2000

amn wrote: »

That's the bit I saw but if you drill into the "Find out more" section there is this text:



No mention of home movers, hence my confusion

We'd be looking at saving a minimum of £1500 a month over the next 12-18 months with the possibility of a few additional lump sums.

Home movers are eligible now on their Save to buy issue 2, they weren't originally (it was a FTB only product previously).

The chances of getting the 95% product are ok as long as you meet their criteria and your credit record is spotless, it's a strictly scored product, as are all 95% LTV mortgages

It could be that none of the issue 2 accounts are six months old yet, hence no mention of it on their mortgage page - they didn't mention the S2B mortgage at all until Nov 2011, 6 months after issue one was introduced, since that's the minimum time you must have held the account.

amn_2

guesswho2000 wrote: »

Home movers are eligible now on their Save to buy issue 2, they weren't originally (it was a FTB only product previously).

The chances of getting the 95% product are ok as long as you meet their criteria and your credit record is spotless, it's a strictly scored product, as are all 95% LTV mortgages

It could be that none of the issue 2 accounts are six months old yet, hence no mention of it on their mortgage page - they didn't mention the S2B mortgage at all until Nov 2011, 6 months after issue one was introduced, since that's the minimum time you must have held the account.

Thanks, that answers all my questions. I'd be hopeful of getting the 95% then as we both have excellent credit history's and multiples etc shouldn't be an issue. The £1000 bonus is an attractive option as well, might need to do some more research but it looks like a reasonable deal

kingstreet

Who is your current lender?

Lomast

Does anyone know of any schemes similar to this but that dont penalise interest for higher amounts?

We are hoping to buy in the next 12mths and i wasnt aware of this account till i saw this post and it appeals to me but we have a current deposit savings of almost £30k and the 0.2% for balance above 20k makes this unattractive.

we would be FTB btw if that makes a difference

kingstreet

Will you need 95%?

If not, why give up your savings rate? You can get a 90% mortgage from Nationwide, or any other lender offering such products, without saving with them.

This account is really aimed at those who will need 95%. It doesn't particularly suit others.

Lomast

Ah Thanks for that Kingstreet, No we are not looking at 95% ill leave the savings where they are

amn_2

kingstreet wrote: »

Who is your current lender?

Current lender is NRAM so no chance of anything from them Currently working our way out of negative equity (almost there!) and then starting to save. I think we would only use the 95% if there was a house we really didn't want to miss out on but realistically I think 90% is what we'll end up with.

Lomast wrote: »

Does anyone know of any schemes similar to this but that dont penalise interest for higher amounts?

We are hoping to buy in the next 12mths and i wasnt aware of this account till i saw this post and it appeals to me but we have a current deposit savings of almost £30k and the 0.2% for balance above 20k makes this unattractive.

we would be FTB btw if that makes a difference

We were tempted by the 1k bonus if you take their mortgage, obviously need to weigh up the whole package against other available rates, fees etc. I think our plan now is to open the account soon and stick the minimum £50 in with our other cash going into another count (possibly premium bonds?) and then if we do want to take up the nationwide account we would shift 10k in before applying so we get the bonus.

kingstreet

If you don't want an increased mortgage, you can port upto 95% with NRAM, if that was the percentage of your original mortgage.