Helping Hand mortgage
If you don’t think you can borrow enough to buy your first home, we may be able to give you a Helping Hand.
Helping each other to buy homes of our own was one of Nationwide’s founding principles. But as times have changed, it’s become harder for first time buyers. Which is why we've created a £1 billion fund to help those who don’t think they can borrow enough to buy their first home.
What is a Helping Hand?
With a Helping Hand from Nationwide, you might be able to borrow a little more towards your first home.
It’s available to eligible first time buyers with our 5 and 10 year fixed rate mortgages, up to a 90% loan to value. And you’ll get all the same features and benefits.
How a Helping Hand could work
A couple, who are eligible first time buyers, have a joint income of £50,000, a 10% deposit and no other costs impacting how much they can afford. With a Helping Hand, they may be able borrow up to £275,000. This is compared to the £225,000 they’d be able to borrow without one.
Features and benefits
- £500 cashback* when you complete your mortgage with us.
- Ability to overpay up to 10% of the loan amount each year without incurring an Early Repayment Charge (ERC).
After your deal period ends, you’ll move onto our Standard Mortgage Rate (SMR), which is currently 3.59% (variable). You’ll also have the option to switch to a new mortgage deal.
*Only one £500 cashback will be paid per mortgage and is payable within one month of completion. If applying jointly, all applicants need to be first time buyers (we see first time buyers as customers who have not had a mortgage in the last three years).
To be eligible for a Helping Hand you need to:
- be a first time buyer. To us, this means you will not have had a mortgage in the last 3 years. If applying jointly, both applicants need to be first time buyers.
- have at least 10% deposit.
- take out a 5 or 10 year fixed rate mortgage.
You will not be eligible if you, or anyone you’re applying with, are:
- using an affordable home ownership scheme such as Help to Buy, shared ownership, Right to Buy or Forces Help to Buy.
Attend our first time buyer event
On Tuesday 2 November 2021, we're hosting a free online event for first time buyers. We'll talk you through the home-buying process - from looking at properties to applying for a mortgage. And you can ask any questions you may have.
Check if you're eligible for a Helping Hand
Use our mortgage calculator to find out how much you can borrow. If you're eligible for a Helping Hand, we'll let you know with your results.
Mortgages are subject to underwriting and criteria. Minimum age 18, UK residents only.