Nationwide Building Society has launched a number of initiatives, and rate cuts of up to 0.84 per cent, which could make it easier for homebuyers to either get on the housing ladder for the first time or purchase their next property.
The Society is also making further improvements to its outstanding range of options available to existing customers coming to the end of their deal. Real help for first time buyers Nationwide is offering first time buyers two new options designed to make it easier and cheaper for them to borrow by reducing the amount they pay upfront to secure a deal. First time buyers can choose between: a bigger discount on the reservation fee, changing from £250 to £500, or; a £250 reservation fee discount plus free legal fees. As an example, this reduces the reservation fee on a three year fixed rate mortgage at 4.44 per cent (60 per cent LTV) to just £396. The Society is also extending this offer to cover two additional products, the four and five year fixed rate, therefore allowing these borrowers to choose between fixing their rate over three, four or five years or taking a tracker product over three years. Additionally, they could choose to take the two year fixed or tracker rate with no fee and benefit from the new "no legal fees" offer. Better value for all home buyers The Society is also introducing a combined reservation and legal fee free option which is designed to help those who want to move home but are deterred by the cost of the initial fee. This option will be available on the competitive two year fixed rate available from 4.28 per cent (up to 70 per cent LTV) and on a new two year tracker available from 3.48 per cent1 (up to 70 per cent LTV). Even better rewards for existing customers Nationwide has made further improvements to its already market leading set of products available to existing customers coming to the end of their deal. In addition to competitive low rates which do not increase with a higher loan to value (up to 95 per cent) and innovative trackers which are capped at 3.99 per cent, the Society is reducing the fee and rates on its most popular products: 2 year fixed rate with no fee reduced by 0.19 per cent to 3.99 per cent (up to 95 per cent LTV) 2 year fixed rate with £495 fee reduced by 0.10 per cent to 3.79 per cent (up to 95 per cent LTV) New 3 year fixed rate with no fee at 4.64 per cent (up to 95 per cent LTV) 3 year fixed rate with fee reduced by £500 to £495 at 4.49 per cent (up to 95 per cent LTV) With effect from Friday 16 October 2009, the mortgage product range available from Nationwide will include the following: For those buying a home: Three year fixed rate available from 4.44 per cent (up to 60 per cent LTV) and four year fixed rate available from 4.94 per cent (up to 70 per cent LTV) New customers can borrow up to 85 per cent LTV Existing borrowers who are moving home can borrow up to 95 per cent LTV £99 booking fee (payable upfront and non-refundable) £896 reservation fee Special offer (see details above) available to first time buyers Two year tracker available from 3.48 per cent (up to 70 per cent LTV) - NEW PRODUCT New customers can borrow up to 80 per cent LTV Existing borrowers who are moving home can borrow up to 95 per cent LTV £99 booking fee (payable upfront and non-refundable) No reservation fee Special offer (see details above) available to those moving home For those switching at the end of an existing Nationwide deal: Two year fixed rate available at 3.79 per cent (up to 95 per cent LTV) Existing borrowers switching at up to 95 per cent LTV £495 reservation fee Three year fixed rate available at 4.64 per cent (up to 95 per cent LTV) - NEW PRODUCT Existing borrowers switching at up to 95 per cent LTV No reservation fee Two year capped tracker available from 2.99 per cent (up to 95 per cent LTV) Existing customers switching at the end of a Nationwide deal at up to 95 per cent LTV £999 reservation fee on loan sizes up to £149,999 Capped at 3.99 per cent Also available at 3.14 per cent with a £1,499 reservation fee on loan sizes between £150,000 and £500,000, capped at 4.14 per cent Three year capped tracker available at 3.99 per cent (up to 95 per cent LTV) Existing customers switching at the end of a Nationwide deal at up to 95 per cent LTV £699 reservation fee on loan sizes up to £149,999 £1,499 reservation fee on loan sizes between £150,000 and £500,000 Capped at 4.99 per cent Andy McQueen, mortgage director at Nationwide, said: "The combination of rate cuts, of up to 0.84 per cent, and fee offers we are announcing today should really help first time buyers and seasoned home owners. We are reducing the amount that they need to pay upfront and so hope we've removed a barrier which may have prevented people from buying a home. "Existing Nationwide borrowers at the end of their deal will also benefit from fee and rate cuts, as well as continuing to benefit from one flat rate available up to 95 per cent LTV on many products. Like all customers choosing a tracker, they also benefit from the ability to ‘switch & fix' for free during their deal should they wish to."
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Date: 21st, October, 2009 |
Author: Ben Wilkie |
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