March 05, 2012 10:58 ET

Nationwide Launches GBP 1,000 Cash-Back Offer to Help Ease the Pain of the Return of Stamp Duty

LONDON, UNITED KINGDOM--(Marketwire - March 5, 2012) - Nationwide Building Society has today announced details of a new "stamp duty" offer which means first-time buyers who reserve a mortgage with the Society get £1,000 to put towards paying the stamp duty on their property.

The current stamp duty holiday for first-time buyers is due to come to an end on 24 March 2012. Based on the average first-time buyer property of £140,000, borrowers taking their first step onto the housing ladder would need to find an additional £1,400.

The £1,000 cash-back offer is available for a limited time to first-time buyers who hold or open a FlexAccount* as their main current account and reserve a mortgage from Nationwide's range of 2, 3 and 5 year fixed rate products from 5 March 2012.

On top of this, first-time buyers saving for at least six months in the Society's Save to Buy account can earn up to an additional £1,000 cash-back - therefore giving qualifying borrowers up to £2,000.

Martyn Dyson, Nationwide's head of Mortgages, said: "The loss of the stamp duty holiday has been a blow for first-time buyers as they now potentially have to save more than a thousand pounds on top of a deposit.

"Nationwide is committed to doing what we can to help support this important part of the market. The Society already offers a £500 discount on product fees and our unique Save to Buy savings account which enables savers to qualify to apply for a mortgage with just a five per cent deposit.

"Add to this to our new cash-back offer and it shows we are really are doing more for first-time buyers."

Notes to editors

  • This limited time offer is available to all First Time Buyers who reserve a mortgage product from 5th March either in branch or via 0800 30 20 10 and who hold a FlexAccount as their main current account
  • Offer available to Save to Buy customers who are in a position to reserve their mortgage, i.e. have been saving in Save to Buy for at least six months - customers who meet the Save to Buy criteria and hold or open a FlexAccount as their main current account may receive up to £2,000 in cashback (up to £1,000 from Save to Buy and £1,000 from this offer)
  • Max LTV 90% (standard main Flex) and 95% (main Flex with Save to Buy)
  • Available on current 2, 3 or 5 year fixed rates
  • Minimum loan size of £100,000

*To qualify as a main FlexAccount, customers must either complete a transfer of all their Direct Debits using the Nationwide Account Transfer service or credit the account with at least £750 per month.

About Nationwide

Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.

Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the half year ending September 2011 Nationwide made a strong underlying profit of £172 million - up 17% from the previous year. Its strong financial performance and prudent business model means that Nationwide is included in Global Finance magazine's Top 50 Safest Banks in the World.

Nationwide has around 700 branches and customers can manage their finances in branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

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