Property Investment News – Nationwide offers account holders 95% LTV mortgage – Mortgage strategy.co.uk – 04 May 2011 – By Natalie Thomas
Nationwide is to launch save to buy – an account for first-time buyers to save regularly towards their deposit that also enables them to apply for a 95% LTV mortgage.
The account will be available from May 6 2011, on a direct only basis.
Save to buy will offer first-time buyers a regular savings account paying a rate of 2.5% gross p.a./AER variable on balances up to £20,000.
Nationwide is to launch Save to Buy – an account for first-time buyers to save regularly towards their deposit that also enables them to apply for a 95% LTV mortgage.
The account can be opened with £50 and customers have to save at least £50 per month, plus customers have the flexibility of not paying the minimum monthly amount for up to three months during a rolling 12-month period. If the first-time buyer goes on to take out a Nationwide 95% LTV mortgage, there is also a cash-back reward of up to £1,000.
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