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Articles   >>   Nationwide supports New Build Indemnity Scheme

Nationwide supports New Build Indemnity Scheme

Saturday, November 26 , 2011


Date issued: 21 Nov 2011 Nationwide Building Society: www.Nationwide.co.uk

Nationwide Building Society today, Monday 21 November, confirms that it will participate in the New Build Indemnity Scheme that has been announced today.

As the UK's third largest mortgage lender, Nationwide recognises its role in supporting both the supply of quality housing and the core aspirations of home ownership within the UK. It will work closely with the Government to develop the scheme for launch in 2012.

In order to encourage housing market activity, Nationwide would also like to see the current annual cash ISA limit of £5,340 increased to the maximum £10,680 in order to encourage those customers who are saving for a deposit. The Society would also like to see greater flexibility and fluidity in the ISA market, with savers able to move their funds between cash and equity products without restriction.

Graham Beale, chief executive of Nationwide said: "There is clearly a housing shortage in the UK and we recognise the importance of the housing sector to the wider economy. This scheme seeks to boost the supply of properties available with modest deposits and, as such, we are pleased to be part of it, helping to shape its design and development. We would really like to see people who are saving for a deposit given more help through higher ISA limits and the flexibility to move their funds between cash and equity ISA products, without the restrictions that are in place now."

The Society is proud of the support that it has continued to offer the market throughout the economic downturn:

  • Launch of a 95% LTV Save to Buy product with cash-back incentive for First Time Buyers which can be used in conjunction with this scheme
  • The recent extension of 90% LTV to all homebuyers, new and existing
  • One in four Nationwide mortgages in 2010/2011 were for First Time Buyers
  • Introduction of a market-leading, independent and impartial First Time Buyer Guide, downloadable to a PC, Tablet or Smart Phone
  • Continued lending of up to 95% LTV for existing customers
  • Continued playing a leading role in the Shared Equity/Ownership sector including support for the Government FirstBuy scheme.



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