Nationwide 'save to buy mortgage'

Jambo5

Hi again guys,


Has anybody done this 'save to buy scheme's' with Nationwide.

My current credit situation isn't great and ideally I want to buy my first home next Summer and it will be first step to leaving Army. For further reference my credit situation is explained better in my other threads. But speaking hypothecally next summer I will have no adverse credit, have missed payments which will be over 5 years old and payday loans which by then over 3 years old. Everything else is up to date. And has been since 2010. Have credit card and on electoral roll.

Has any one with bad credit been successful with this scheme?
I heard it can help though just saving with them?

Paulaviki

I didn't have adverse credit so can't help you with that aspect. However we bought our house earlier this year using the save to buy account and found it really good. We ended up having a 8% deposit and although the rates aren't great (4.99% on a 2 year fix) they offered to lend us more than all the others we went to. And for the other lenders we would have used the government help to buy scheme. The cash back upon completion came in very handy too! So my experience of this product was good all round!

Jambo5

Thanks....pleased for you.
Next summer I won't have that adverse credit just missed payments 5 years ago.
Just wondered if that threw me out straight away within their mortgage criteria.

Going to go down to Nationwide tomorrow and find out full S.P.

i read earlier in a forum that they also try and get you to take out a current account with them....which I'm not sure what to think about that as i've only moved to halifax last xmas.

i will update after I see them tomorrow.

Jambo5

Went to Nationwide....decided not to go through with it.Quite frankly I'm trying to rush everything. We are saving at a rate of 1k a month....whats 1 more year in Army we can have a 20k deposit and get better interest rates.

I actually feel like a weight is off my shoulders just bein prepared to wait a extra year or so. Although waiting for this adverse credit is been painful.
They should teach kids what happens when you go i to financial difficulty. If I knew consiquences I would have borrowed money to pay creditors. So instead I feel like I've been in a financial prison cell......so what another year to let the dust well and truly settle.

good luck to all you mortgage seekers...
life is more important than to worry about a Mortgage....
we all end up dead and potless anyway!! Ha

Thrugelmir

At least your sentence is nearly served.

Jambo5

Its been a long 6 year.....one day I will laugh about all this. Only 27 plenty time:)