The UK's largest building society, Nationwide, is rolling out a significant financial incentive aimed at helping people get onto the property ladder. The society has confirmed that eligible first-time buyers could receive up to £1,000 in cashback when they complete on a new home.
Core Cashback Offer for New Buyers
At the heart of the offer is a guaranteed £500 cashback payment for anyone who takes out a Nationwide first time buyer mortgage. This money is designed to assist with moving costs or initial expenses in a new property and is paid directly to the borrower within one month of completion.
The building society has been contacting members directly, acknowledging that purchasing a first home can be daunting. In emails, Nationwide states it has created tools and guides to help buyers move forward with confidence. To qualify for the core £500, all applicants must be genuine first-time buyers, meaning they cannot have owned a property or held a mortgage in the last three years. The cashback is a flat £500 total, whether purchasing alone or jointly.
Boosting Your Payment with a Green Home
Prospective buyers have the opportunity to increase their cashback significantly if the property they are purchasing is energy efficient. Through Nationwide's Green Reward scheme, an additional cashback of between £250 and £500 is available.
This bonus is tied directly to the home's Energy Performance Certificate (EPC) rating. Properties that score between 86 and 91 will attract an extra £250. Homes that achieve a top-tier rating of 92 or above will qualify for the maximum £500 green bonus.
When combined with the standard £500 offer, this means a purchaser of a highly eco-friendly home could walk away with £1,000 in total cashback.
Getting Started with Your Application
Nationwide encourages potential buyers to use its online mortgage calculator and first-time buyer guide as initial steps. Before making a full application, individuals can obtain a Decision in Principle.
This preliminary step, which the building society says takes around 20 minutes and does not affect your credit score, gives an indication of how much you might be able to borrow. The Decision in Principle remains valid for 90 days, providing a helpful framework for beginning the property search.
This combined offer of standard and green cashback presents a tangible financial benefit for new entrants to the housing market, while also incentivising the purchase of more environmentally sustainable properties across the UK.
