Nationwide launches £1,000 cash-back offer to help ease the pain of the return of stamp duty

05 March 2012

Nationwide Building Society has today announced details of a new "stamp duty" offer which means first-time buyers who reserve a mortgage with the Society get £1,000 to put towards paying the stamp duty on their property.

The current stamp duty holiday for first-time buyers is due to come to an end on 24 March 2012. Based on the average first-time buyer property of £140,000, borrowers taking their first step onto the housing ladder would need to find an additional £1,400.

The £1,000 cash-back offer is available for a limited time to first-time buyers who hold or open a FlexAccount* as their main current account and reserve a mortgage from Nationwide's range of 2, 3 and 5 year fixed rate products from 5 March 2012.

On top of this, first-time buyers saving for at least six months in the Society's Save to Buy account can earn up to an additional £1,000 cash-back – therefore giving qualifying borrowers up to £2,000.

Martyn Dyson, Nationwide's head of Mortgages, said: "The loss of the stamp duty holiday has been a blow for first-time buyers as they now potentially have to save more than a thousand pounds on top of a deposit.

"Nationwide is committed to doing what we can to help support this important part of the market. The Society already offers a £500 discount on product fees and our unique Save to Buy savings account which enables savers to qualify to apply for a mortgage with just a five per cent deposit.

"Add to this to our new cash-back offer and it shows we are really are doing more for first-time buyers."

Notes to editors

  • This limited time offer is available to all First Time Buyers who reserve a mortgage product from 5th March either in branch or via 0800 30 20 10 and who hold a FlexAccount as their main current account
  • Offer available to Save to Buy customers who are in a position to reserve their mortgage, i.e. have been saving in Save to Buy for at least six months - customers who meet the Save to Buy criteria and hold or open a FlexAccount as their main current account may receive up to £2,000 in cashback (up to £1,000 from Save to Buy and £1,000 from this offer)
  • Max LTV 90% (standard main Flex) and 95% (main Flex with Save to Buy)
  • Available on current 2, 3 or 5 year fixed rates
  • Minimum loan size of £100,000

*To qualify as a main FlexAccount, customers must either complete a transfer of all their Direct Debits using the Nationwide Account Transfer service or credit the account with at least £750 per month.

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