New Nationwide HomeBuy mortgage introduced
www.moneynews.co.uk > Mortgages > New Nationwide HomeBuy mortgage introduced
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New Nationwide HomeBuy mortgage introduced
Wed 4th Oct 2006
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HomeBuy is a government initiative that aims to give first-time buyers, key workers and social tenants a helping hand on the property ladder.
Eligability for the Nationwide HomeBuy mortgage depends upon a borrower's specific situation and can be assessed by contacting the building society to see if the customer falls into one of the priority groups.
The Nationwide HomeBuy mortgage boasts a tracker rate that is one per cent above the Bank of England base rate, making the rate 5.75 per cent at present, while the reservation fee is £599.
Executive director at Nationwide Stuart Bernau relayed: "When it comes to buying a property in today's market, key workers and first time buyers need all the help they can get."
He continued: "This is a great opportunity for Nationwide, working together with the government, to make home ownership a reality for many."
Under the terms of the scheme, Nationwide and the government will both give the borrower 12.5 per cent, providing them with a total deposit of 25 per cent.
The borrower then receives no interest charge on either of the equity loans they have received for a period of five years.
Alongside Nationwide, other mortgage lenders offering HomeBuy products are Advantage, Bank of Scotland and Yorkshire building society.
Related News : Mortgages |
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Related News : Nationwide |
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