The building society follows in the footsteps of NatWest, Halifax, Woolwich, Newbury Building Society and Teachers Building Society in participating in the government scheme which offers equity loans to home buyers purchasing properties up to a maximum value of £600,000.
In a separate move, Nationwide has increased the amount borrowers can overpay on their mortgage to 10%.
Nationwide head of group mortgages Tracie Pearce said: “We are accepting Help to Buy applications as we are keen to support the Government’s efforts in helping the mortgage market to move forward.
“It is another way that Nationwide customers can access great deals to help them onto – or move up – the property ladder.”
The CML’s Paul Smee joined Mervyn King’s call for Help to Buy to confirm an exit strategy after its three year term, wary it could become another Freddie Mac, or Fannie Mae, or government-backed mortgage lender.
The building society has also introduced products which allow borrowers to overpay up to 10% of their mortgage every year without incurring an early repayment charge. Previously, customers were able to overpay a maximum of £500 a month, irrespective of their loan size.
Mortgages reserved from May 29 will carry the 10% a year overpayment feature. Existing products are unaffected.
