03 April 2012
Nationwide Building Society today confirms that its NewBuy multi user cell1 is open for business, meaning more builders will now be able to offer their properties for sale under the new scheme.
NewBuy, launched on 12 March 2012, was initially concentrated on a limited number of lenders and builders. Since the launch, the scheme has continued to expand and Nationwide has entered into additional arrangements with builders Linden and Crest Nicholson. By launching its multi user cell today, Nationwide is opening up the scheme to a wider range of lower volume builders, with Fairview New Homes being the first.
Notes to editors:
- 1To enable smaller firms to access the schemes, multi user cells enable several builders to bundle their cases together to enable them to achieve the appropriate numbers required.
- For further details on the NewBuy scheme visit www.communities.gov.uk/housing/homeownership/newbuy
- NewBuy available for mortgages of between 90.01% and 95% LTV
- Maximum loan value of £250,000
- Outside the NewBuy scheme, Nationwide has a maximum LTV of 85% for new-build houses and 75% for new-build flats
- Applications are required for all products. Further details of terms and conditions are available on request.
- Mortgages are subject to underwriting criteria.
Key features of the fixed and tracker mortgage product range for new applications
Nationwide Building Society is the world’s largest building society and a top-three provider of mortgages and savings in the UK. It is also a major provider of current accounts, credit cards and personal loans. With around 16 million members, Nationwide has a relationship with almost a quarter of the UK population.
Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the year 2010/11 Nationwide made a strong underlying profit of £276 million – up 30% from the previous year. Its strong financial performance and prudent business model means that Nationwide is included in Global Finance magazine’s Top 50 Safest Banks in the World.