Nationwide chops product fees by £500
Share
Nationwide has cut mortgage rates by up to 1% on its direct only 90 and 95% LTV deals and reduced its product fee by £500 for those who are moving home – effectively a 50% reduction
From tomorrow Nationwide will be reducing its mortgage rates on its three and five-year fixed rate deals for new and existing customers moving home and new customers buying their first house with a small deposit.
Rates at 90% LTV will be reduced by 1% and rates at 95% LTV will be cut by 0.50%. The new rates start from 5.79% with a 10% deposit and 6.29% with a 5% deposit on the three-year fixed rate deals.
In addition, the society is offering first-time buyers, home movers and existing customers moving home a £500 product fee discount across all products that normally carry a £999 fee.
To support Nationwide’s bid to help get Britain moving it will also be offering its mortgage borrowers a 15% discount off of Pickfords key services and 10% off of Big Yellow Self Storage Company.
Martyn Dyson, head of mortgages at Nationwide, says: “These changes have been designed for people who want to move or buy their first house but find they’re struggling with raising a large enough deposit or affording the upfront fees.
“We’re tackling these issues head on by not only making our mortgages available to first-time buyers with just a 5% deposit through Save to Buy but by reducing our rates at higher LTVs. We hope this will give prospective buyers the boost they need to make their move.”
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (3)
Anon | 5 May 2011 9:32 pm
Hopefully my bdm wont arrive in my office next week and start banging on about them not dual pricing, we now dont even get similar products.
Unsuitable or offensive? Report this comment
Anonymous | 6 May 2011 8:58 am
Great. The only lender I thought supported brokers has now shafted the lot of us with these fantastic direct only deals. Thanks Nationwide. Can you lend me some money please.....
Unsuitable or offensive? Report this comment
Anonymous | 9 May 2011 3:15 pm
Did a dip last week with Nationwide at 85% LTV. The client was declined. Usual reason was low credit score. 'It was probably the 2 credit searches for his new bank accounts which led to the fail'. The savings account and current account were opened last August! Justify the risk?
Unsuitable or offensive? Report this comment