MortgagesSep 23 2014

Nationwide resumes Help to Buy access

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Nationwide Building Society will be resuming access for home movers looking to participate in the government’s Help to Buy equity loan scheme from tomorrow (24 September).

The society temporarily withdrew access for home movers in July, restricting access to first time buyers only, following a similar move from Lloyds Banking Group.

The lender stated that it had been one of the most active supporters of the scheme during its first year, so argued this was therefore a necessary step to ensure volumes remained in line with its appetite.

Having assessed developments in the equity loan market, Nationwide said it is now in a position to support home movers through the scheme again.

Their Help to Buy equity loan is available to home buyers purchasing their only property in England up to a value of £600,000. Buyers must have a 5 per cent deposit, based on the purchase price. There are separate schemes for Wales and Scotland.

Shared equity applications will now be available on both the fee and no fee products, meaning customers applying via the scheme now have unrestricted access to Nationwide’s full core range.

Mortgage deals will also now be either fee-free, or come with a £999 product fee, with a discounted £499 fee for first time buyers.

Richard Napier, Nationwide’s divisional director of mortgages and savings, said: “By opening up access once more to home movers after a short break, we will remain one of the top lenders through the scheme and will enable even more customers to move onto or up the housing ladder.”