20 July 2020

Helping you to buy that place of your own

Most of us dream of owning our own home. But for obvious reasons, many young people and families have had to put that dream on hold recently. Fortunately, help is at hand.

With our new mortgage offers, first time buyers can now borrow up to 90% of the value of their home.

Giving first time buyers the support they need

With the impact of coronavirus on our economy, it felt only sensible to take a step back and see how the housing market and house prices would be affected.

For a short while, we were – like most lenders – limiting the amount we’d lend on our new mortgages to 85% of a property’s value.

But we recognise that it is particularly tough for first time buyers to raise a 15% deposit.

So, we’re delighted to announce that, if you’re a first time buyer, we’re now able to lend you up to 90% to help you buy the house of your dreams.

Check how much you could borrow

Have a go on one of our quick mortgage calculators to see how much we could lend you.

How to apply

You can apply for one of our 90% loan-to-value mortgages:

You can also arrange a phone appointment in one of our branches.

What you need to know

  • Our new 90% lending limit is not available on flats and new builds.
  • The maximum mortgage term you can choose is 25 years.
  • Before we lend you the money, we’ll look at your needs and circumstances, and check that you meet our lending conditions. Sorry, we are not lending to anyone still furloughed.

It's important to remember

Your mortgage is secured on your home which you could lose if you do not keep up your mortgage payments.

House prices can go down as well as up. There's a risk that the value of your stake in your home (your ‘equity’) could reduce. That could affect your future plans

What’s happening to house prices in your area? See our latest House Price Index reports
Or you could get a more detailed picture from your local estate agent.

You could also benefit from a stamp duty holiday

The Chancellor’s decision to provide a stamp duty holiday on all property purchases in England and Northern Ireland up to £500,000 will also really help get the housing market moving.

First time buyers already benefited from no stamp duty on properties up to £300,000. But the new allowance will help homemovers and generally free things up.

You can use the gov.uk calculator to find out how much duty you’ll pay.

If you live in Wales or Scotland, please check your government’s website to see what tax you’ll pay on property purchases.

Nationwide is not responsible for the content of external websites.

The content displayed on our recent news and articles page is for information purposes only, and is accurate at the time of publication. The information will not be maintained, and so we cannot guarantee that at any given time the information will be up to date or complete. Please verify any information you take before relying on it.

Nationwide is not responsible for the content or availability of external websites. Nationwide does not make any recommendation or endorse any advertising, products, services or other content on such external websites. Views expressed on third party websites are those of the public and unless specifically stated, are not those of Nationwide.

Most popular

You may also be interested in...

Our helpful guides

We've created a range of helpful guides to help you make better financial decisions regardless of your circumstances. Find out more about owning property, growing wealth and planning for life events.

Our products

Whether you are after a current account, a savings account or even looking for a mortgage, Nationwide has a range of great products that could help you, no matter the situation.