Nationwide completes on first Help to Buy Isas

Nationwide Building Society has announced the first mortgage completion by its Help to Buy Isa savers.

Savers are free to claim the minimum £400 Government bonus following the scheme’s launch on 1 December 2015.

More than 40 Nationwide Help to Buy Isa savers have already closed their balance in order to claim their Government bonus.

Savers can access discounted 5% deposit mortgages and Nationwide cashbacks up to £1,750 on top of the Help to Buy Isa bonus

One couple is claiming £400 each in Help to Buy Isa plus the Nationwide cashback, earning a total of £2,550 in cashbacks and bonuses.

Birmingham, Northampton, Reading, South West London and Bristol are the top five areas for Nationwide Help to Buy Isa account openings. 

Regionally, it has proved most popular in the South East, with 22% of account openings and Greater London with 18%.

Andrew Baddeley-Chappell, Nationwide’s head of mortgages and savings policy, said: “Savvy borrowers have been quick off the mark in realising the benefits available under the scheme.

“Those who save more and for longer can get an even larger bonus, but this first tranche of eager first-time buyers shows just how quickly the benefits can flow through the scheme.

“Adding in the potential cashback from Nationwide demonstrates the significant support available to those looking to get a first foot on the housing ladder.”

Baddeley-Chappell said the completions show that first time buyers have a clear incentive to open a Help to Buy Isa irrespective of when they intend to buy.