Nationwide’s Save to Buy marks second anniversary
The scheme enables customers to save towards a mortgage deposit for between six months and three years. They can then apply for a home loan with just a 5% deposit.
Tracie Pearce, head of group mortgages at Nationwide, said: “In the past two years since we first launched the Save to Buy scheme we have helped thousands of customers on their journey towards home ownership.
“The scheme has proved so successful that we have extended it to those who already own their own home and are looking to take the next step up the property ladder.”
However Nationwide’s success so far may pale into insignificance as 29,623 Save to Buy accounts have been opened since launch with the average account balance being £3,270. As such thousands more potential home buyers are on their way onto, or up, the property ladder.
The most popular choice of mortgage taken out by Save to Buy customers is a 4-year fix with an average deposit of 7% deposit. The average loan size is £137,000.
Save to Buy was originally launched to help first time buyers but earlier this year Nationwide extended the scheme to home movers.