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Nationwide save to buy mortgage cash back
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denk15
Posts: 43 Forumite
Hello
So, we have a help to buy ISA with nationwide and now we are getting our mortgage with them
One of the mortgages that they do is a save to buy mortgage, which is available for customers who hold either a save to buy ISA or help to buy ISA
The save to buy mortgage is advertised on their website as having a cash back inventive of £500 or £1000 depending on balance in ISA
When apply for the mortgage I was told I was not entitled to the cash back as it is for save to buy ISA not help to buy ISA, but that's not what they advertise
Below is an extract from their website:
Save to Buy mortgages offer additional cashback to customers saving through Nationwide’s Help to Buy ISA product - £500 for savings of £0-4,999 and £1,000 on savings of £5,000, as well as the Government’s Help to Buy ISA bonus.
Now the below is an extract from their mortgage TC's
To apply for the Save to Buy mortgage you must meet the following requirements:
Hold either of the below, as a minimum:
A Save to Buy ISA and/or Save to Buy Savings Account (and you must be in at least the third month of holding a Save to Buy ISA and/or Save to Buy Savings Account).
Help to Buy: ISA (you must be in at least the third month of holding a Help to Buy: ISA with Nationwide Building Society).
Nationwide’s mortgage underwriting criteria applying at the date of the application for the Save to Buy mortgage, which will include, but isn't limited to, an assessment of your ability to repay the mortgage, a satisfactory valuation of the property you wish to purchase and the property deemed a suitable security.
2. For joint Save to Buy mortgage applications at least one applicant must hold a Save to Buy ISA and/or Save to Buy Savings Account and/or Help to Buy: ISA.
3. If you complete a Save to Buy mortgage you may be eligible for a cashback reward. If a cashback is payable, this will be based on the combined balance of all named mortgage applicants’ Save to Buy ISA and/or Save to Buy Savings Accounts and/or Help to Buy: ISA as appropriate/relevant at the time of their application for the Save to Buy mortgage. Only Accounts of named Save to Buy mortgage applicants will count toward the cashback reward.
This all tells me that I should qualify for the cash back, but they are having none of it!
It's obviously not a deal breaker because it's an incentive but this strikes me as just wrong to plaster it all over the website but at crunch time just completely dismiss that it's available
Has anyone got any advice on what I can do? As it is a lot of money to miss out on! Or has anyone received this cash back with help to buy ISA?
Sorry for long post
Many thanks
So, we have a help to buy ISA with nationwide and now we are getting our mortgage with them
One of the mortgages that they do is a save to buy mortgage, which is available for customers who hold either a save to buy ISA or help to buy ISA
The save to buy mortgage is advertised on their website as having a cash back inventive of £500 or £1000 depending on balance in ISA
When apply for the mortgage I was told I was not entitled to the cash back as it is for save to buy ISA not help to buy ISA, but that's not what they advertise
Below is an extract from their website:
Save to Buy mortgages offer additional cashback to customers saving through Nationwide’s Help to Buy ISA product - £500 for savings of £0-4,999 and £1,000 on savings of £5,000, as well as the Government’s Help to Buy ISA bonus.
Now the below is an extract from their mortgage TC's
To apply for the Save to Buy mortgage you must meet the following requirements:
Hold either of the below, as a minimum:
A Save to Buy ISA and/or Save to Buy Savings Account (and you must be in at least the third month of holding a Save to Buy ISA and/or Save to Buy Savings Account).
Help to Buy: ISA (you must be in at least the third month of holding a Help to Buy: ISA with Nationwide Building Society).
Nationwide’s mortgage underwriting criteria applying at the date of the application for the Save to Buy mortgage, which will include, but isn't limited to, an assessment of your ability to repay the mortgage, a satisfactory valuation of the property you wish to purchase and the property deemed a suitable security.
2. For joint Save to Buy mortgage applications at least one applicant must hold a Save to Buy ISA and/or Save to Buy Savings Account and/or Help to Buy: ISA.
3. If you complete a Save to Buy mortgage you may be eligible for a cashback reward. If a cashback is payable, this will be based on the combined balance of all named mortgage applicants’ Save to Buy ISA and/or Save to Buy Savings Accounts and/or Help to Buy: ISA as appropriate/relevant at the time of their application for the Save to Buy mortgage. Only Accounts of named Save to Buy mortgage applicants will count toward the cashback reward.
This all tells me that I should qualify for the cash back, but they are having none of it!
It's obviously not a deal breaker because it's an incentive but this strikes me as just wrong to plaster it all over the website but at crunch time just completely dismiss that it's available
Has anyone got any advice on what I can do? As it is a lot of money to miss out on! Or has anyone received this cash back with help to buy ISA?
Sorry for long post
Many thanks
0
Comments
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Do you have a save to buy account ? You need that and pay the requisite minimum amount before you are entitled to cashback.
And yes i will be getting cashback on mine0 -
No I don't have a save to buy account, just help to buy ISA, but from the quote I posted above it sounds like that is all I need as it doesn't mention having both! In any case, if having help to buy doesn't qualify then why have they mentioned it all?
its all very misleading to me0 -
No I don't have a save to buy account, just help to buy ISA, but from the quote I posted above it sounds like that is all I need as it doesn't mention having both! In any case, if having help to buy doesn't qualify then why have they mentioned it all?
its all very misleading to me
If i remember correctly you cant apply for for a Save to Buy mortgage (the one that provides cashback) without a Save to Buy Account.
Now they just take into account the amount of money you have in a Help to Buy Isa if you have a Save ti Buy Account (the amount of cashback is based on how much you have saved in their accounts).
I think you are reading it incorrectly.0 -
Yes that's what I thought, but the below is an extract from the same page I quoted before
Eligibility for Save to Buy mortgages
You'll need to be at least in the third month of holding a Help to Buy: ISA with us (or a Save to Buy ISA/Savings Account opened prior to 1 December 2015).
Note the "or" at the start of the bracketed line.
It's really puzzling me how the HTB ISA gets you access to the save to buy mortgage but not its cash back incentive, there's nowhere that says it doesn't qualify and it is heavily implied that it is
Like I say, it makes no difference to whether I get the mortgage or not but it is a lot of money and don't want to roll over without putting up a fight for it lol0 -
There'll be a term you haven't quoted. That will say that they can change the offer at any time they wish.
Suspect that they are receiving a lot of similar applications as yours and have therefore blocked the loophole. As not what they intended originally under the STB scheme.0 -
Yea there is always the small print saying they can withdraw cash back offer, and if they do that's fine but to say I don't qualify at all is contradictory to there info IMO
Here is the full article on their website if anyone is interested, the whole article is talking about the benefits of HTB ISA specifically and in many places it talks about this cash back
http://www.nationwide.co.uk/about/media-centre-and-specialist-areas/media-centre/press-releases/archive/2015/11/30-nationwide-offers-extra-benefits-on-help-to-buy-isa
If I'm the only one who thinks I qualify for it (which looks that way) then I'll concede0 -
UPDATE:
Have spoken to my mortgage advisor who has told me that the original information I received was wrong, and I have now been offered the cash back
So in case it is useful for other people, You are eligible for the save to buy mortgage cashback with a Help to Buy ISA if you have had it open for 3 months or more
Thanks for the replys0 -
Yes – I was about to post that.
If you have a help to buy isa and have held it for 3 months you are eligible for £500 cashback if you take out a save to buy (low deposit) mortgage but not any other product.
You will also get £500 as a first time buyer plus £250 if you hold an eligible current account with NW. So thats potentially up to £1750 plus your 25% bonus from the govt when you close your HTB isa.0
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