11 August 2016

Brexit: our five-point action plan

Following June’s EU Referendum and Britain’s decision to leave Europe, many will be thinking a little more about their personal finances and how the economy affects them. As the UK’s second largest savings and mortgages provider that’s something we feel we have a responsibility to address. Which is why we’ve set up a five-point plan outlining how we intend to help more people reach their savings goals or move into their first home.

Nationwide’s Chief Executive, Joe Garner took members through the plan at our recent AGM, “As a building society, we exist to help people into a home of their own and to help them manage their money and save for the future. Our mutual model means we’re able to plan and operate over the long term.”

“In an uncertain economic climate, I believe that responsible and progressive businesses need to do more to help people realise their ambitions. With this in mind, I wanted to set out our five-point plan for how we will stand by our members and customers in uncertain times and help ensure that economic uncertainty doesn’t get in the way of the ladder of opportunity”.

A plan which offers mutual support

Our plan aims to give consumers a voice by bringing together a panel of experts to advise policymakers on the financial challenges being faced by UK households:

  1. Reducing costs for first time buyers: Savers who use our Help to Buy ISA or Save to Buy saving products already benefit by up to £1,750. Nationwide will now provide free conveyancing, free valuation, no application fees and cashback to further minimise costs for first time buyers’ mortgages.

  2. Offering low deposit lending: We will offer mortgages to people who have saved a 5% deposit, with a specific focus on first time buyers and existing customers.

  3. Prioritising lending to first time buyers: We will make at least £10bn available to first time buyers, giving them priority where we can. We estimate this will help 100,000 young people to become home owners for the first time each year. We will also run a dedicated first time buyer outreach programme to help young people understand the housing market and mortgage-lending process.

  4. Supporting our savers: We plan to encourage home buying and better money management:
    • Protecting rates on our Help to buy and Save to Buy products, so saving for a deposit doesn’t take longer than necessary.
    • Maintaining present interest rates on our Flexclusive Regular Saver Account.

  5. Forming a Brexit consumer support panel: We will invite representatives of leading consumer bodies to work together to gather consumer insight, track market sentiment and help policymakers better understand the challenges your households face today.

Being the world’s largest building society means that our members are at the heart of everything we do and this is just another example of how we put our customers first.

Find out more about how Nationwide is different.

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