Nationwide announces new Open Market Homebuy option

03-Oct-2006

Nationwide is offering key first time buyers a five-year base-rate tracker mortgage package, set at one per cent above the Bank of England's headline base rate which is currently 4.75 per cent.

Under the scheme, first time buyers will only need to obtain a mortgage up to 75 per cent of the property's value, with the remaining 25 per cent financed by government and mortgage lender loans that are payment-free for up to five years.

As part of the package, holders of the mortgage are entitled to overpay or underpay, up to a maximum of £500 per month.

"When it comes to buying a property in today's market, key workers and first time buyers need all the help they can get," said Stuart Bernau, executive director at Nationwide.

"This is a great opportunity for Nationwide, working together with the government to make home ownership a reality for many," he added.

In addition to the new Open Market Homebuy option, Nationwide offers a wide range of fixed or variable-rate mortgage packages for clients not eligible for the government backed scheme.

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