fred7
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Registered: 17th May 04
Location: Rugeley, Staffordshire
User status: Offline
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Recently opened the nationwide mortgage saving scheme for FTB if i save £50 a month for at least 6 months i will be offered a mortgage with 5% deposit if i pass terms and cond etc but has anyone done this? I cant seem to find much about it what you need to pass etc. also get cash back if theres a set amount in there at the time of purchasing
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AndyKent
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Registered: 3rd Sep 05
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Any reason for £50 a month or is that their minimum?
Need a hell of a lot more than that per month obviously 
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fred7
Member
Registered: 17th May 04
Location: Rugeley, Staffordshire
User status: Offline
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Nah thats the min u have to put in. Only need £4500 for a deposit with the 5%.
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Toby
Premium Member
Registered: 29th Nov 05
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quote:
Originally posted by fred7
what you need to pass etc.
You will need to meet the standard mortgage lending criteria i.e. affordibility. The only difference is tht you will get a 95% LTV as opposed to most who can generally get a maximum of 90% LTV
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fred7
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Registered: 17th May 04
Location: Rugeley, Staffordshire
User status: Offline
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Thats ok then. I understand the affordibility stuff etc so thats ok then. Was told with some places sho do 95% mortgages u have to be squeeky clean and never been in your overdraft or had sick days etc!
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Toby
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Registered: 29th Nov 05
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Well the more risk that is posed to the lender the better circumstances you will need in order to satisfy them. But they are all fairly strict at the moment due the climate we are in.
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Cavey
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Registered: 11th Nov 02
Location: Derby
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And the % will be really high as well I'd imagine. But still better than renting I'd assume.
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fred7
Member
Registered: 17th May 04
Location: Rugeley, Staffordshire
User status: Offline
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Yeh in the last mortgage advice thread it said the % was higher but if it gets us on the ladder i can put up with it till i can change the mortgage
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
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I'm also signed up. Did so back in July, so our account should have "matured" by now.
Although the guy that opened it for us wasn't a mortgage advisor, he ran through a mortgage system with us to see what we could get and if we were eligible.
He just jumped onto the net and used their mortgage calculator, so I didn't learn anything new.
Try this to see what you're entitled to borrow. Will give you a pretty good idea about deposits then:
https://portal.nationet.com/nationwide/affordability/start.aspx
The idea of these accounts is nothing more than get you as a customer then promote other products and services though.
NOTE that ALL of your deposit has to be in your Save to Buy account at the time of the mortgage going through etc.
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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I'm planning on signing up to this later this month.
Will look around for the best rate / mortgage supplier when I am in a position to buy but it seems like a decent way to save.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Yeah I'll still look around too, but the option is there if you need it. I think you do have to apply for the mortgage within two years though!
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fred7
Member
Registered: 17th May 04
Location: Rugeley, Staffordshire
User status: Offline
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Yeh have to apply within 2 years. Does anyone know if you can choice between repayment or interest only?
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
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Nationwide could lend you up to:
£223,800
This is subject to a satisfactory credit score, confirmation of income, and the value and suitability of the property.
If any details change including the deposit or property value, the maximum loan may change.
Jesus
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Pretty much get lumbered with what they say. Their mortgages for Save to Buy are specific to the Save to Buy scheme and not on 'general sale'.
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deano87
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Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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pow's moving out tomorrow.
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Whittie
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Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
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quote:
Originally posted by pow
Nationwide could lend you up to:
£223,800
This is subject to a satisfactory credit score, confirmation of income, and the value and suitability of the property.
If any details change including the deposit or property value, the maximum loan may change.
Jesus
Jesus you must be on a good wedge!! I did it and they offered £93,000 
Edit: Re-did it and got £153k with a larger deposit, must have been deposit, and maybe an extra person.
[Edited on 21-01-2013 by Whittie]
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Ben G
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Registered: 12th Jan 07
Location: Essex
User status: Offline
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quote:
Originally posted by pow
Nationwide could lend you up to:
£223,800
This is subject to a satisfactory credit score, confirmation of income, and the value and suitability of the property.
If any details change including the deposit or property value, the maximum loan may change.
Jesus
is that on your salary alone pow? that's mental if so with a joint application,we only got offered up to 250k iirc. my missus is on shit wages though.
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pow
Premium Member
Registered: 11th Sep 06
Location: Hazlemere, Buckinghamshire
User status: Offline
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That's on my own
I think it helps I have a good deposit and also I put 0 in for any loans/credit cards/HP agreements etc.
[Edited on 21-01-2013 by pow]
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Whittie
Member
Registered: 11th Aug 06
Location: North Wales Drives: BMW, Corsa & Fiat
User status: Offline
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quote:
Originally posted by pow
That's on my own
I think it helps I have a good deposit and also I put 0 in for any loans/credit cards/HP agreements etc.
[Edited on 21-01-2013 by pow]
You must be on mental money you dark horse you!
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Robbo
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Registered: 6th Aug 02
Location: London
User status: Offline
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£300k motherfuckers 
Similar to Pow, that was with (genuinely) £0 for any loans etc. and with £30k deposit... got me thinking tbh
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AlexSXI
Member
Registered: 10th Jan 08
Location: Colchester, Essex
User status: Offline
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Mmm....
£5k deposit, which I could probably get by Xmas if I really tried.
£0 loans or anything (genuine).
£79,800 alone
£153,400 with the missus
Ditch her and get a decent 1 bed flat, or stick with it and get a 2 bed house 
[Edited on 21-01-2013 by AlexSXI]
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John
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Registered: 30th Jun 03
User status: Offline
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5k deposit by Christmas is a few hundred quid a month. Your mortgage will be that much, and you'll have to find it every month, really trying or not, then you'll have everything else on top.
Just saying you only need a 5% deposit doesn't even nearly take into account how much you'll need when you've bought it.
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deano87
Member
Registered: 21st Oct 06
Location: Bedfordshire Drives: Ford Fiesta
User status: Offline
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Yeah, the trick is definitely to save your outgoings every month otherwise you'll be fucked when it comes to moving out.
Didn't work for me near Christmas though
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Toby
Premium Member
Registered: 29th Nov 05
User status: Offline
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John has hit the nail on the head. If you literally meant really try then your going to struggle to pay your mortgage, unless of course your renting presently and trying to save at the same time?
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Graham88
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Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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When I lived at home I thought saving £300 a month was good going I'm now saving more than that plus I rent a flat so bills aswell and I'm living pretty much as I did before still. So my best suggestion, Alex, is to work out roughly what rent/mortgage & bills would be, and try and save that. Not only will you be saving a decent amount of money you'll know how comfortable you are and whether you can afford it.
Nationwide said £210,000 for me or £285,500 with my missus.
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