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Rates chopped by Nationwide for borrowers with low deposits

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Written by:
06/01/2016
The building society has reduced rates on its 95% loan-to-value mortgage range, aimed at those borrowers without large deposits
Rates chopped by Nationwide for borrowers with low deposits

Nationwide has announced it is cutting selected rates by up to 0.40 percentage points across its range of 5% deposit fixed rate mortgages.

Rates for the two-year 95% loan-to-value (LTV) deal are being cut by 0.35% to 3.89%, with a £999 fee and 4.29% with no fee.

Three-year fixes have also been significantly chopped by 0.40% to 4.39% with a £999 fee, and 4.69% with no fee. And five-year fixed rates have been reduced by 0.30% to 4.69% with a £999 fee and 4.89% with no fee respectively.

Henry Jordan, Nationwide’s head of mortgages, said: “As part of Nationwide’s range of measures to help first-time buyers on to the housing ladder, we are reducing rates for those with smaller deposits looking for competitive mortgage deals and payment security over a range of terms.

“First-time buyers will also continue to qualify for a £500 cashback, irrespective of which product they choose. This is in addition to fee-free valuations now available on all mortgage products, which will save the average Nationwide mortgage customer around £200.”

Customers can choose any mortgage product and benefit from fee-free valuations, giving them with the option to obtain a mortgage offer with no upfront fees. Those customers who decide to opt for a more detailed Nationwide Homebuyers Report will now pay a reduced top-up fee, depending on the overall value of the property, on a sliding scale, starting from £150.

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