Nationwide BS Save to Buy account. 5% Deposit & £1,000 cashback
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Nationwide BS Save to Buy account. 5% Deposit & £1,000 cashback

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Found 10th Jan 2013
Hoping this might be useful to anyone hoping to buy a house in the next three years. Nationwide have just launched their Save to Buy account. The idea is you save with Nationwide and then take out a mortgage with them, The good thing is that you are not obliged to take out a mortgage, but if you do there are a range of offers.

The best bit about the account though is that it gives access to 95% LTV mortgage deals at the same rates as 90% LTV deals, plus on balances over £10,000 you will receive £1,000 cashback. Lower balances receive cashback as detailed below. Cashback is only paid if you take a mortgage with nationwide.

£2,500 to £4,999 = £250 cashback reward
£5,000 to £9,999 = £500 cashback reward
£10,000+ = £1,000 cashback reward

The account pays 2% interest on balances up to £20,000 and needs to have a minimum of £50 a month deposited every month.

Hope that sums up the account. More information on the website. I applied in branch on Monday and it was approved there and then.
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I need to do the maths and read the small print but the headline deal seems very good. Heat added! Thanks OP, interested in this.
Yeah, obviously before taking out a mortgage you would look around and see who offered you the best deal, but with £1000 cashback and access to 5% deposit mortgages it should be quite hard to beat.
Good idea.
mrcashman

it should be quite hard to beat.


hm, if you buy gold/silver you should beat that offer
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benasipro

hm, if you buy gold/silver you should beat that offer


Since when has a bar of gold/silver been able to offer you a mortgage at 2%. Yeah you should really beat that offer because despite being at record high price, gold prices are guaranteed to go in one direction only and have never fallen in value or stayed the same over a three year period? Oh wait...

frank321

Since when has a bar of gold/silver been able to offer you a mortgage at … Since when has a bar of gold/silver been able to offer you a mortgage at 2%. Yeah you should really beat that offer because despite being at record high price, gold prices are guaranteed to go in one direction only and have never fallen in value or stayed the same over a three year period? Oh wait...



WHATS AN LTV?

MY PSYCHIATRIST TOLD ME TO TALK TO FRANK..
We will (we need to) see "restart" next 15 years with these West EU/USA debts.

So, who will win with long run ? The offer from Nationwide Bank or Gold ?
I don't like to think of a house as an investment, but as a home. I expect house prices to stay flat for the near future anyway so stick to your gold.... I'm just hoping to buy my own home.
Right this way the banks make their profit .... They need You.

My Home is a place where I live, not the place I own.
Worth pointing out that no withdrawals are allowed, just account closure. Doesn't count if you've had a mortgage in the last 3 years upon completion.

Tempted to open one and then pay in the balance of the £10K before the end from what I have in my ISA for a deposit.
The gold is not investment, the gold giving Value to your cash (which one is just a paper) .

Ofcourse later you could buy a house, car, klp
bigbak

Worth pointing out that no withdrawals are allowed, just account closure. … Worth pointing out that no withdrawals are allowed, just account closure. Doesn't count if you've had a mortgage in the last 3 years upon completion.Tempted to open one and then pay in the balance of the £10K before the end from what I have in my ISA for a deposit.



That's what I'm doing. I managed to grab a Nationwide Regular saver that pays 6% so that plus my ISA will be going into my house deposit later on this year.
Its not new though - we've been in the scheme for about 8 months now........ but heat added
LTV is loan to value.

You need to put £50pcm for a certain number of months, into this account, think it's 9 out of first 12, but nothing stopping you from gaining higher rate of interest then transferring enough to this account just before the full application is made to pass the cash back threshold. I ran it by the advisor before I did it!
Edited by: "ben_s208" 10th Jan 2013
deviouspaul

Its not new though - we've been in the scheme for about 8 months … Its not new though - we've been in the scheme for about 8 months now........ but heat added



This is issue 2. Issue 1 ran out about a month after they offered it I think.
Deal looks good. Need to read carefully.
deelz001

frank321benasipromrcashman it should be quite hard to beat.hm, if you … frank321benasipromrcashman it should be quite hard to beat.hm, if you buy gold/silver you should beat that offerSince when has a bar of gold/silver been able to offer you a mortgage at 2%. Yeah you should really beat that offer because despite being at record high price, gold prices are guaranteed to go in one direction only and have never fallen in value or stayed the same over a three year period? Oh wait...WHATS AN LTV?MY PSYCHIATRIST TOLD ME TO TALK TO FRANK..



LTV is Loan to Value, it's the percentage of the total property value that is being lent. Eg 90k loan on a 100k property is a 90pc LTV.
Great rate ............
This is well worth it. I took it out March last year and brought a house December. Great deal.
What does the BS stand for?
vulcanproject

What does the BS stand for?



Building Society, in this context.
Edited by: "mrcashman" 10th Jan 2013
benasipro

The gold is not investment, the gold giving Value to your cash (which one … The gold is not investment, the gold giving Value to your cash (which one is just a paper) .Ofcourse later you could buy a house, car, klp



Stop trying to pretend you have the slightest idea what you are talking about... If you want to get philosophical about money not having "value", then I could say the same for gold. There is nothing valuable about it, it's people believing it's valuable that makes it so expensive - exactly the same as money.

Unless you are the kind of pretentious **** everyone avoids at parties because you just want to brag about how your cash is stored in gold (or you're a multi-millionaire) it makes far more sense to just use decent savings accounts...
Edited by: "callum9999" 10th Jan 2013
As someone else has said this is not new but definitely worth sharing with the HUKD. I've had this account for 5 months now and also opened a 6% saver account also. Hot
vulcanproject

What does the BS stand for?


Bull Sheep
I can't seem to view the rates. Is the 95% LTV for everyone or just FTBs
hmm think i'll be making an appointment tomorrow since this year is the big save to get a good deposit together
gbspurs

I can't seem to view the rates. Is the 95% LTV for everyone or just FTBs


On the website it says FTB and "Home movers". They say a home mover is this on Nationwide website: You are a home mover if you are moving home and have an existing mortgage that must be repaid on completion of the Save to Buy mortgage.

Rates are here: nationwide.co.uk/mor…ftb
gbspurs

I can't seem to view the rates. Is the 95% LTV for everyone or just FTBs


You won't be able to view the rates as you can't apply for a mortgage for at least six months, at which point they could've changed.
It seems to be open to FTB and people upsizing.
Good idea if you've already saved your ISA allowance (larger interest amount). Heat added.
callum9999

Stop trying to pretend you have the slightest idea what you are talking … Stop trying to pretend you have the slightest idea what you are talking about... If you want to get philosophical about money not having "value", then I could say the same for gold. There is nothing valuable about it, it's people believing it's valuable that makes it so expensive - exactly the same as money.Unless you are the kind of pretentious **** everyone avoids at parties because you just want to brag about how your cash is stored in gold (or you're a multi-millionaire) it makes far more sense to just use decent savings accounts...


All depends on where you live in the world, the way certain countries economies are at the moment it makes sense to put some money in physical gold, not as a way to make money but to preserve your wealth. Currencies will come and go but gold has been traded throughout the ages and will continue to well into the future.
There is an ISA version of this as well.
I have an isa with 6k in am planning to save 30k over next 2-3 years am I better sticking with the isa or this? Have not got a clue about financial stuff!
Thanks for the info. Might rule me out as my mortgage is on a BTL and it implies that you can't have any other mortgage. Annoying. Wish I never invested my money in a BTL in 2007. Messed me up good and proper. £20k down the toilet and no FTB benefits. Now having to rent as can't move. Great fun!
oddballjamie

All depends on where you live in the world, the way certain countries … All depends on where you live in the world, the way certain countries economies are at the moment it makes sense to put some money in physical gold, not as a way to make money but to preserve your wealth. Currencies will come and go but gold has been traded throughout the ages and will continue to well into the future.



Ok, if you live somewhere like Zimbabwe then invest in gold. If you live in the UK then Pound Sterling is perfectly adequate.... Unless you are dealing in large sums of money, faffing around with gold is unlikely to be worth the hassle.
beepboes

I have an isa with 6k in am planning to save 30k over next 2-3 years am I … I have an isa with 6k in am planning to save 30k over next 2-3 years am I better sticking with the isa or this? Have not got a clue about financial stuff!


With me, I'm putting the minimum £50 into this account and then as much as I can into my 6% savings account. Any more goes into the ISA. Hope that helps.
vulcanproject

What does the BS stand for?



I was wondering that too. A lot of banks in Cardiff are BS too ;D
jamiedb

I was wondering that too. A lot of banks in Cardiff are BS too ;D



They aren't banks, they are Building Societies.
Mrcashman

Thats great thanks for the advice! :-)
vulcanproject

What does the BS stand for?

At first I thought it was BullSh1t but on reflection I think it is Building Society .... maybe I had it right first time? .... I'm very annoyed with their so-called Champion ISA which headlines at 2.75% but never pays it out - tends to revert to a pittance ... phoning them up seems pointless, they never explain the conditions to earn the 2.75% ... I am aware there are probably superior ISAs out there, but it just seems the principle of how they operate is wrong. In most other respects I find them agreeable
mrcashman

With me, I'm putting the minimum £50 into this account and then as much … With me, I'm putting the minimum £50 into this account and then as much as I can into my 6% savings account. Any more goes into the ISA. Hope that helps.



What account do you have paying 6%?

Cheers
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