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30 September 2013
Nationwide Building Society is accepting mortgage applications from borrowers looking to participate in the Scottish Government’s Help to Buy equity loan scheme from Monday September 30.
Equity loans will be available to all home buyers in Scotland purchasing a new-build property who meet the Help to Buy (Scotland) scheme criteria, including first time buyers and home movers, purchasing their only property in Scotland up to a maximum value of £400,000.
Buyers must have a five per cent deposit, based on the purchase price. The property is then part financed (up to 20 per cent and a minimum of 10 per cent) by an equity loan from the Scottish Government.
Under the Help to Buy (Scotland) scheme the equity loan will be interest free.
Tracie Pearce, head of group mortgages at Nationwide, said: "We are now accepting Help to Buy applications in Scotland as we are keen to support the Scottish Government’s efforts in helping the mortgage market to move forward."
"It is another way that Nationwide customers in Scotland can access great deals to help them onto – or move up - the property ladder."
Customers wishing to enter the scheme will have access to Nationwide’s competitive core range of products, including:
Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. 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.