Cashback on Nationwide FTB mortgages

Neale_C

Hi!

First post.

I am looking for my first mortgage, and the MSE calculator shows Nationwide products to be the lowest cost overall. The first 2 pages or so a Nationwide products only. I believe they rank so highly because the cashback of up to £1,750 is offset against the fees and repayments over the mortgage term.


However, does anyone understand how the figure of £1,750 is calculated for cashback? The Nationwide website shows £500 cashback for first time buyers. Where does the extra £1,250 come from?

Thanks in advance for any help that comes.

Cheers

Neale

papeman

I'd be interested to know this too. It looks like you can get an extra £250 by being an existing NW customer: http://www.nationwide.co.uk/products/mortgages/new-customer-moving/special-offers#xtab:flexclusive

But I cant find the other £1k- any ideas?

RedheadFred

Fees are free which could be worth £300ish - maybe that's included?

RedheadFred

By fees I mean valuation fees

MARTYM8`

papeman wrote: »

I'd be interested to know this too. It looks like you can get an extra £250 by being an existing NW customer: http://www.nationwide.co.uk/products/mortgages/new-customer-moving/special-offers#xtab:flexclusive

But I cant find the other £1k- any ideas?

Its their save to buy isa mortgage offer - which gives you £500 as an FTB for a savings balance of up to £5k in their save to buy and/or help to buy isa or save to buy savings account or £1k if the balance is above £5k. But it only applies to their save to buy mortgages which only apply to LTVs of 85% plus and you cannot use this for new builds.

Plus you also get £250 - applies to any new mortgage customer not just FTBs - if you hold an NW current account.


So if you have a large deposit you won't get that extra incentive.

http://www.nationwide.co.uk/products/mortgages/first-time-buyers/special-offers

In summary
£500 for any FTB
£250 more if you have a current account and
either £500 or £1k if you have savings in the above products and take out a save to buy mortgage for LTVs of 85% plus