The loan allows first-time buyers and home movers to buy with a 5% deposit and was launched three years ago today.
Nationwide has opened more than 62,000 accounts since the launch in 2011, with the average savings or ISA account balance at £4,233.
Most savers chose the Nationwide four year Flexclusive fixed rate mortgage, with an average deposit of 8% and loan size of £147,828. Savers are offered a cash back reward of up to £1,000.
Tracie Pearce, head of group mortgages at Nationwide, (pictured) said: “Save to Buy was designed to benefit those customers who were able to demonstrate a history of saving, giving them an improved chance of obtaining a mortgage. It demonstrates that good saving habits and strong credit quality appear to go hand in hand.
“With issues of affordability of increasing importance, Save to Buy is providing the means for many customers to begin, and complete, the journey towards a home of their own.”
Nationwide is also working towards its ‘Your Home’ goal of helping 750,000 people move into a home of their own by 2017, including first time buyers and people in affordable and social housing.
