Nationwide Claims “To Do More” For First-Time Buyers

Society starts new advertising campaign and launches four new commitments

30 January 2012

Nationwide Building Society, the UK’s third largest mortgage lender, has today claimed to be doing more than any other lender for first-time buyers. The lender claims that ‘doing more’ for first-time buyers is not just about lending but also about education, providing a direct link between savings and borrowing, actively supporting affordable housing schemes and providing guidance through the mortgage process.

From 1st February the Society will launch a new advertising campaign including TV, radio, online and print material. The lender is highlighting what it does for first-time buyers and why these potential home-owners should look to Nationwide for their first mortgage.

Under the heading “We do more for first-time buyers” Nationwide has launched the following four first-time buyer commitments:

  1. We’re committed to lending to first-time buyers
  2. We’ll help you learn about mortgages and buying a home
  3. We’ll continue to find ways to help you buy your first home
  4. We’ll guide you through the mortgage process

Martyn Dyson, head of mortgages at Nationwide, said: “We are serious about supporting the housing market and a key part of this is helping new home-owners realise their dreams by getting their foot on the housing ladder.

“From our unique Save to Buy and limited liability guarantor mortgages, to our online guides, discounted fees and active support for affordable housing schemes, we really are doing more than any other lender to support first-time buyers. In fact, once every six minutes we help someone buy their first home.

“With the launch of these new commitments we hope more people will be aware that, although there is plenty of doom and gloom around in the housing and mortgage markets, there are opportunities out there for good quality buyers who are able to save at least a 5% deposit.”

Evidence supporting the claim

  1. We’re committed to lending to First-Time Buyers
  • Nationwide is totally committed to lending to first-time buyers. In fact, once every six minutes we help someone buy their first home.*
  • Over the six months to 30 September 2011, Nationwide advanced £8.9 billion of mortgages, an increase of 48% on the same period of 2010 (H1 2010/11: £6.0 billion).
  • Over the same period, Nationwide lent over £1.2 billion to first-time buyers, an increase of 3% on the first half of 2010/11, helping over 10,000 people buy their first property.

  1. We’ll help you learn about mortgages and buying a home
  • Nationwide’s comprehensive and independent First-Time Buyers’ Guide is hosted at and at Nationwide Education’s website.
  • The Society commissioned an update of the guide after engaging with consumer groups like Which? and gathering feedback from first-time buyers. In order to better meet the needs of the first-time buyer generation, the guide is downloadable to both smartphones and tablets such as the Apple iPad. QR codes are also published on Nationwide’s first-time buyer leaflets, enabling first-time buyers to scan or download the guide straight to their mobile device.
  • The guide is completely independent and does not recommend any particular mortgage product or lender but aims to help first-time buyers through the complexities associated with buying a first home.
  • Nationwide’s YouTube channel hosts a video about the guide which includes Jargon Busting information and so provides another channel through which first-time buyers can access help and information.

  1. We’ll continue to find ways to help you buy your first home
  • Nationwide is the only major national lender to offer straightforward 95% LTV mortgages. The ‘Save to Buy’ scheme helps first-time buyers to save regularly towards a deposit and also enables them to apply for a Nationwide mortgage with a deposit of just 5%. They could also benefit from a generous cash-back offer (up to £1,000) on completion which can help with those all-important home-related expenses. Nationwide has over 12,000 Save to Buy savers since its launch in May 2011.
  • First-time buyers get a £500 discount off product fees while also benefiting from the same competitive rates as on offer to other home movers.
  • Deals available at 90% LTV have been made more widely available and extended to include 2, 3 and 5 year fixed rate deals.
  • Nationwide Group offers a range of guarantor mortgages that includes a number of unique limited liability mortgage products (through it’s subsidiary, The Mortgage Works) and more traditional full liability products.
  • Nationwide supports shared-ownership and shared-equity, and has since their inception. From April – September 2011 over 630 shared-ownership mortgages were completed and over 1,600 shared-equity mortgages were completed through various schemes (such as First-Buy).
  • Nationwide has funded the BSA affordable housing hub which aims at improving consistency and transparency in the sector.
  • Nationwide supports and is participating in the New Build Indemnity Scheme to encourage and support an active housing market and provide support to the wider economy.

  1. We’ll guide you through the mortgage process
  • Whether borrowers choose to get advice from a branch adviser, buy over the phone or online or talk to a broker, Nationwide aims to do everything to make the mortgage process as easy as possible.
  • The Society has invested in its processing systems and staff to help ensure borrowers experience a quick and smooth application process. This shows itself in feedback**, for example 91% of mortgage brokers interviewed rated Nationwide as excellent or good and 93% rated TMW as excellent or good. Additionally 97% said they are likely to recommend Nationwide and 96% likely to recommend TMW.

Notes to editors

* “Every six minutes” figure calculated on Nationwide’s first-timer buyer main loan completions January 2011 to December 2011.

**Supplied by Charterhouse Research.

  • Applications are required for all products. Further details of terms and conditions are available on request.
  • Opening a Save to Buy savings account does not guarantee acceptance for a Save to Buy mortgage. All mortgages are subject to eligibility, underwriting and criteria.

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