Nationwide Building Society will accept mortgage applications from borrowers looking to participate in the government’s Help to Buy – equity loan scheme from Wednesday, May 29.
The scheme is an extension of the FirstBuy scheme – which has now ended. Equity loans are available to all home buyers – first-time buyers and home movers – purchasing their only property in England up to a maximum value of £600,000.
Buyers must have a 5 per cent deposit, based on the purchase price. The property is part financed (up to 20 per cent and a minimum of 10 per cent) by an equity loan from the Homes and Communities Agency.
Tracie Pearce, head of group mortgages at Nationwide, said: “We are accepting Help to Buy applications as we are keen to support the government’s efforts in helping the mortgage market to move forward.”
“It is another way that Nationwide customers can access great deals to help them onto – or move up – the property ladder.”
Customers wishing to enter the scheme will have access to Nationwide’s core range of products, including:
- 2.54% two-year fixed rate up to 75% LTV with £900 fee (2.44% for existing borrowers)
- 2.94% two-year fixed rate up to 75% LTV with £0 fee (2.84% for existing borrowers)
- A non-refundable booking fee of £99 is payable on reservation
- 2.64% three-year fixed rate up to 75% LTV with £900 fee (2.54% for existing borrowers)
- First-time buyers pay a reduced fee of £400
- A non-refundable booking fee of £99 is payable on reservation
