27 November 2012
Nationwide Building Society has today, Tuesday 27 November, announced that it has doubled its lending to first time buyers in the first 6 months of this financial year to September 2012. The Society has lent £2.5 billion to 20,000 first time buyers, doubling the amount it lent in the same period last year and almost matching the amount it lent to 24,000 first time buyers in the whole of the previous financial year (2011/12). In fact, nearly a third (30%), of all the Society's lending in the first six months of this financial year (excluding further advances) was to first time buyers.
Given its size, Nationwide would be expected to lend to around 10% of all first time buyers. These latest figures show that the Society has lent to almost twice that amount, by offering mortgages to more than 18%* of all first time buyers - a clear indication that Nationwide is doing all it can to help people get onto the housing ladder.
At the start of the year, Nationwide made the following pledges to first time buyers:
- We're committed to lending to first time buyers
- We'll help you learn about mortgages and buying a home
- We'll continue to find ways to help you buy your first home
- We'll guide you through the mortgage process
During the year, the Society has honoured its commitments. In particular:
- More than 22,000 prospective first time buyers have welcomed the traditional approach of saving directly for a mortgage in our Save to Buy scheme, which offers 95% LTV lending and up to £1,000 cash back. This year it was extended to include cash ISAs
- Nationwide offers first time buyers a £500 discount on its product fees
- It has continued to support a wide variety of affordable housing schemes. Nationwide has supported and participated in both NewBuy and MI New Home from their inception. Indeed the very first customers to complete under each of the new schemes did so with a Nationwide mortgage
- Its impartial guide for first time buyers was downloaded more than 78,000 times this year and almost 137,000 times since it was first published
In addition, earlier this month, the Society launched a major initiative to boost the nation's capabilities in housing, money management skills and communities. As part of this it pledged to help 750,000 people into a home of their own.
For more information and a quote from Nationwide's chief executive, Graham Beale, please see Nationwide Building Society's Interim Results on our website www.nationwide.co.uk
Notes to editors:
*Source for market size is CML, which shows that for H1 the First Time Buyer market was £13.5bn.
About Nationwide Building Society
Nationwide is the world's largest building society as well as one of the largest
providers and a top-three provider of
mortgages in the UK. It is also a major provider of
Nationwide has around 15 million members.
Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 15,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.