Nationwide confirms participation in help to buy equity loan scheme in Wales

nationwide1Nationwide Building Society will be accepting mortgage applications from borrowers looking to participate in the Welsh Government’s Help to Buy equity loan scheme from Thursday January 2 2014.

Equity loans will be available to all home buyers in Wales purchasing a new-build property who meet the Help to Buy (Wales) scheme criteria, including first time buyers and home movers, purchasing their only property in Wales up to a maximum value of £300,000.

Buyers must have a five per cent deposit, based on the purchase price. The property is then part financed (up to 20 per cent and a minimum of 10 per cent) by an equity loan from Finance Wales.

Under the scheme in Wales, interest fees will apply from the fifth year after the loan has been taken out, while the equity loan will be accompanied by a £1 monthly administration fee from year one until year five.

Tracie Pearce, head of group mortgages at Nationwide, said: “From January, Nationwide will be accepting mortgage applications for the Help to Buy equity loan scheme in Wales, which is part of efforts to help the mortgage market move forward.

“We are keen to support Nationwide customers in Wales to access great mortgage deals to enable them to move onto or up the housing ladder.”

Customers wishing to enter the scheme will have access to Nationwide’s competitive core range of products, which currently include:

2.34% two-year fixed or tracker rate up to 75% LTV with £900 product fee (2.24% for new applications from existing Nationwide mortgage customers)
First time buyers pay a reduced product fee of £400
A non-refundable booking fee of £99 is payable on reservation
2.64% three-year fixed rate up to 75% LTV with £900 product fee (2.54% for new applications from existing Nationwide mortgage customers)
First time buyers pay a reduced product fee of £400
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