Nationwide has celebrated the fourth anniversary of Save to Buy with news that more than £1 billion has been loaned to help people buy a home through the scheme.
More than 8,000 homes have been purchased through Save to Buy so far, while 90,000 savings accounts and Isas have been opened.
Nationwide says it has loaned £1.1 billion to both first-time buyers and home movers who have saved towards a mortgage deposit for at least six months through a Save to Buy Savings Account or ISA.
Once they have done that they can apply for a home loan with a 5% deposit.
Save to Buy was originally launched in May 2011 to help first-time buyers, but in January 2013 Nationwide widened the scheme to include home movers as well.
Nationwide said the average mortgage size under Save to Buy is £145,000, and the average deposit is £13,900.
On average, Save to Buy first time buyers are aged 30, while home movers are 32.
Three-quarters of Save to Buy mortgage applications are made in joint names.
The current average savings or ISA account balance is £5,714.
Andrew Baddeley-Chappell, Nationwide's head of policy for mortgages and savings, said: "At a time when the industry is developing plans to launch the Help to Buy ISA, Save to Buy is providing a successful means for many customers to begin, or complete, the journey towards a home of their own.
"Over four years, we have helped many thousands of customers aiming to move onto or up the housing ladder to achieve their aspiration."
Baddeley-Chappell said that many people do not have the Bank of Mum and Dad to depend upon. "We have focused our support on those who prudently plan ahead, save regularly and think about what they might need to apply successfully for a mortgage before finding a home.
"Save to Buy helps mortgage applicants demonstrate good saving habits, money management and planning."
The most popular mortgage among Save to Buy customers is a four-year Flexclusive fixed rate, set up with an average deposit of 8%.
Two thirds of all Save to Buy loans are made at between 90% and 95% LTV.
Save to Buy savings accounts can be opened with a minimum of £50, with customers saving at least £50 per month for six months or more.
First time buyers and home movers are then eligible to apply for a Nationwide fixed-rate mortgage.
If the customer goes on to take a Save to Buy mortgage, depending on how much they save, there is also a cashback reward of up to £1,000.
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