Nationwide Save to Buy Mortgage

SGreg

Hi,
I'm very near completion on the house I'm buying through the save to buy mortgage account. I currently have my 5% deposit sitting in the save to buy account, do I have to close the account to transfer the deposit to the solicitors for completion? As the only way to transfer money from the account is to close and withdraw all funds. However, Im slightly nervous to close the account incase it somehow messes up the mortgage if the deposit needs to be transferred rather than closed then transferred? Anybody who has been through the process their advice would be greatly appreciated!
Sean

liviboy

Hi Sean,

My wife and I got our Nationwide STB mortgage in February 2014.

We applied direct with a Nationwide branch.

Once our full app was submitted I was instructed to close the account at any time up until funds were needed. The system doesn't actually know you have a STB account, it only knows because of the product applied for on the system (on the drop down list it said something like "save to buy flexclusive 4yr fixed Free legal 1000cashback"

As a result I was told it made no difference when I chose to close the account as we had satisfied the requirements of the account on the day of or full application.

The account doesn't allow part withdrawal as you know so when you need the funds you close the account in full and I had the money transferred instantly into my FlexAccount.

If you still have doubts call up the Nationwide for confirmation.

Hope this helps and good luck with the application - we had our full offer within a few days!