A helping hand for first time buyers
Are you eager to get your foot on the property ladder but put off by having to save a large deposit? This
is where Save to Buy could help, with a dedicated savings account to help you save a deposit and a
competitive interest rate on your mortgage when you’re ready to buy.
Key Features
- Access to a 5% deposit mortgage when you've had the account for 6 months and have met the
regular savings requirements
- The opportunity to earn a cashback reward on completion of a Save to Buy mortgage - the more
you save the greater the rewards
- Available to first time buyers - someone who has not had a mortgage in the last three years
preceding the opening of the account
- Open the account with as little as £50 at any - you'll need to set up a monthly
standing order for a minimum of £50
If you haven't used your cash ISA allowance this tax year then take a look at our Save to Buy ISA.
Save to Buy mortgage
You must have held your Save to Buy savings account for at least 6 months before you can apply for a
Save to Buy mortgage and have met the regular savings requirements below.
If you've held your account for less than 12 month:
- You must not have missed more than 3 monthly deposits of at least £50
If you've held your account for more than 12 month:
- You must have deposited at least £50 per month for not less than 9 out of the preceding 12 months
before you apply
To apply for a Save to Buy mortgage, your Save to Buy savings account must remain open and all eligibility
requirements must be met. Account must be held for a minimum of 6 months and a maximum of 3 years.
Opening a Save to Buy savings account does not guarantee acceptance for a Save to Buy
mortgage. All mortgages are subject to eligibility, underwriting and criteria.
Find out more about the Save to Buy mortgage
Interest Rates
| Balance |
Free withdrawals per year |
Notice period/loss of interest for additional withdrawals |
AER% |
AER% including bonus |
Gross p.a.% |
Net p.a.% |
| £50 - £20,000 |
None |
n/a |
2.50 |
n/a |
2.50 |
2.00 |
| £20,000+ |
None |
n/a |
0.10 |
n/a |
0.10 |
0.08
|
- Rates are variable
- Rates for balances below £20,000 pay 2.00% above the Bank of England Base Rate and are guaranteed
to track changes in the Base Rate. Any changes will be made within one month of a Bank of England
announcement.
- For example, if you saved £250 a month for 12 months you would earn £41 gross interest by the anniversary of the first deposit based on the current variable rate of 2.50% gross p.a./AER
- Part withdrawals are not allowed. Closure can be made at any time.
- Minumum age 18, maximum 4 account holders
- Interest is calculated daily and paid annually
You might like to consider:
ISAs
Cash ISAs are a tax-free way to save. Visit our ISA section to find out what ISAs are, how they work and for more information on ISA limits.Find out more
e-Savings Plus
If you need regular access to your money our e-Savings Plus account allows you to make up to 5 free withdrawals each year and the flexibility to make more.
Find out more
Don't have a Nationwide current account? Our FlexAccount could give you access to a range of exclusive offers and discounts - all with no monthly fee.
Find out more
AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.
The gross rate of interest is the interest rate payable before any income tax is deducted (if you do pay tax).
The net rate of interest is the interest payable after any income tax is deducted (if you do pay tax).
Tax-free is the contractual rate of interest payable where interest is exempt from income tax.
The tax information provided is based on our current understanding of current law and HM Revenue & Customs practice which can change.