The Nationwide Building Society will accept mortgage applications from borrowers looking to participate in the Government’s Help to Buy equity loan scheme from tomorrow (29 May).
The scheme is an extension of the now defunct FirstBuy scheme, with equity loans available to all home buyers – first time buyers and home movers – purchasing their only property in England up to a maximum value of £600,000.
Buyers must have a 5% deposit, based on the purchase price. The property is part financed (up to 20% and a minimum of 10%) by an equity loan from the Homes and Communities Agency.
Tracie Pearce, head of group mortgages at Nationwide, said: “We are accepting Help to Buy applications as we are keen to support the Government’s efforts in helping the mortgage market to move forward.
“It is another way that Nationwide customers can access great deals to help them onto – or move up – the property ladder.”