You are here: Home - First Time Buyers - News -

Nationwide to cut interest rates for first-time buyers

0
Written by:
03/12/2012
Nationwide Building Society will cut the interest rates charged on reduce its 90% loan-to-value (LTV) mortgages by 0.5% to 0.7% tomorrow.

The lender will also reduce the rates charged on other mortgages by 0.4%, in the fourth set of rate reductions in less than two months. The rate cutting across all LTV tiers includes a two-year fixed rate offered from 4.49% or 0.10% less for existing clients.

The three-year fixed rate will be reduced by 0.60%, and will be offered from 4.69% and the five-year fixed rate will be offered from 4.99%, or at 0.10% less for existing customers.

Other fixed and tracker rates will be reduced by up to 0.40%.

Tracie Pearce, Nationwide’s head of mortgages, said: “We’ve cut our rates a number of times over the last few weeks and not just for those with a large deposit. This time, we will continue to make reductions across the board, but our largest cuts are on loans with an LTV of 90%.

“It’s a tangible demonstration of how we are utilising the Funding for Lending Scheme to reduce rates for customers at both ends of the LTV spectrum.

“We hope it gives first-time buyers and other borrowers the boost they need to get the mortgage and home that they are looking for.

“The message is very clear – Nationwide is open for business.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Six bank statement mistakes that can ruin a mortgage application

Being overdrawn and having a history of payday loans can be red flags to lenders when they...
Six bank statement mistakes that can ruin a mortgage application

Fancy fixing your mortgage rate for 40 years? Don’t forget about your pension

Super-long mortgages are becoming more popular but, if you need to make monthly repayments...
Fancy fixing your mortgage rate for 40 years? Don't forget about your pension

Guide to remortgaging pitfalls

It may seem like remortgaging is an easy way to save money, especially if you have large d...
Guide to remortgaging pitfalls

Guide to borrowing past retirement age

As an older borrower, you may be concerned that a lender will not offer you a mortgage pas...

Mortgage market biased against homeowners

Buy-to-let property investors are unfairly favoured in the mortgage market, an independent...

Should buy-to-let investors ‘go Dutch’?

The Netherlands is revealed as Europe’s top buy-to-let property hotspot

Private sector tenants in poverty double in decade

The number of private rented sector tenants in poverty has doubled in the last decade from...

Large mortgage broker firm launches with fees of over 1%

An insurance firm has launched a mortgage advice service

Second steppers targeting detached properties

Those living in their first home are increasingly looking to reduce the steps to their lon...

Mortgage Calculators