Nationwide Save to Buy mortgages

RedRuby_2

Just got a letter from Nationwide reminding me that as the Help to Buy ISA will be closed to new applicants from the 30 November 2019 and more interestingly their Save to Buy Mortgages will only be available until March 2020 :eek:.

So what will happen after March 2020? They didn't say what they will be replacing it with, or if they will be replacing it at all with another First Time Buyer mortgage.

I've had a Save to Buy account for a long time and haven't been able to buy a place as yet but if I wanted to buy with a Save to Buy mortgage and get the related cashback etc, I only have 6 months to do so :mad:

Anyone have or hoping to get a Nationwide Save to Buy mortgage?
Any feedback or thoughts?

liviboy

That’s a real shame.

My wife and I bought our first house in 2014 with a 95% mortgage having had a save to buy account (the old passbook version) for a year or so prior.

The cashback was a huge bonus as was the ability to get 95% without needing to use any help to buy offers/loans/etc.

It also helped encourage my wife to save more and this has continued to now.

We moved house last year and stayed with Nationwide.

rlg3961

I was wondering the same - I had the same letter yesterday.

I am actively looking but had no success so far, but I'm really hoping I can find a house before then. Although there are other lenders who offer £1000 cashback but it's just easier to stay with your own bank particularly when the rates are better.

I'm also wondering whether the £1000 cashback is additional to the £500 for first time buyers?

Elwood356

I asked Nationwide today about this - they told me that if the ISA isn't moved into another product it could lose it's tax free status. That means that they would take it out of the ISA wrapper into a regular savings account.

Current offerings with Nationwide ISA are terrible. Shame but will have to go elsewhere.