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TODAY'S OTHER NEWS

Nationwide to offer Help to Buy Isa in December

Nationwide Building Society will back the new government-backed Help to Buy Isa from 1 December.

The new offering will run alongside its existing scheme aimed at first-time buyers, the Save to Buy initiative.

Customers will be able to benefit from Save to Buy and save towards the cash bonus available with the Help to Buy Isa deposit.

The Help to Buy Isa is available only to first time buyers. Savers can deposit up to £1,200 in the month they open the account and a further £200 in each subsequent month.

For every £200 maintained in a Help to Buy Isa account, £50 will be paid as a bonus at the time of purchasing a first home.

Chris Rhodes, nationwide executive director for group retail, said: “As one of the UK’s largest mortgage and savings providers, we feel it is important to be involved in the Help to Buy Isa scheme from day one.

“Over the last four years we have demonstrated our commitment to first time buyers by lending more than £1 billion through our low deposit Save to Buy mortgages.

“Our involvement in the Help to Buy Isa scheme will strengthen that support.

“Nationwide customers will now be able to benefit from the Government Help to Buy Isa bonus in addition to our Save to Buy initiative when buying their first home.”

Nationwide claims it is the only major savings provider that currently allows its customers to choose more than one type of cash Isa product.

This can be combined under a single Nationwide Isa wrapper, up to the annual Isa limit of £15,240.

It means that savers can keep investing in Nationwide cash Isa products, subject to limits, as well as contributing up to £200 a month to the Nationwide Help to Buy Isa.

More than 90,000 customers have opened Save to Buy savings accounts since launch in May 2011.

Of thse, with more than 8,000 account holders having gone on to access a Save to Buy mortgage, designed for first time buyers with a small deposit, as well as a cashback of up to £1,000.

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