Nationwide launches bundled 90% LTV range
Share
Nationwide has launched a range of deals at up to 90% LTV for customers who use the lender’s FlexAccount as their main bank account.
The products are only available direct through Nationwide’s branches for existing customers moving home and first-time buyers.
Customers are required to deposit at least £750 a month to qualify for the deals.
The 90% LTV range includes a two-year fixed rate deal at 5.98% with a £396 reservation fee and a £99 booking fee, and a three-year fixed rate deal with a £896 reservation fee and a £99 booking fee.
Other products available up to a maximum 90% LTV include a five-year fixed rate deal at 6.73% with a £896 reservation fee and a £99 booking fee, and a two-year tracker at 4.63% with the same fees applicable.
The range is offered to both existing and new FlexAccount holders.
Customers opening a FlexAccount to access the deals have to use Nationwide’s account transfer service to qualify.
For existing mortgage customers moving home, the offer represents a discount of 0.7% off Nationwide’s current range of 90% LTVs.
Each of the products comes with the option of free legal fees, and the range will be available from October 30.
Nationwide has also increased the LTV for its tracker range for new customers moving home and first-time buyers from 80% to 85%.
View results 10 per page | 20 per page
Most popular
Most commented
-
Automated lending systems are holding back housing market
-
Action taken against two brokers for mortgage fraud
-
Star Letter - Unless lenders start to act prudently funds will continue to be limited and expensive
-
Intermediaries must fight for themselves
-
Seven in 10 keep banks in the dark over financial problems
Readers' comments (14)
Tim Robinson | 29 Oct 2009 2:34 pm
Despite plans to dual price being denied at the Money marketing Roadshow last week, the Nationwide have entered this arena.
Admittedly they advised the plans were reviewed regularly but you are not telling me that a decision has only just been made.
This must be viewed by one of the final nails in the intermediary market.
Once again lenders are using a mortgage as a means to protect their current account base to the detriment of the mortgage intermediary who have so strongly supported lenders.
Talk about a stab in the back!
Unsuitable or offensive? Report this comment
P | 29 Oct 2009 2:40 pm
So much for Dual pricing
Unsuitable or offensive? Report this comment
Anonymous | 29 Oct 2009 2:51 pm
yet again another lender excluding access for brokers to good rates that would benefit consumers. Cant see how the FSA see's this as TCF.
Unsuitable or offensive? Report this comment
Anonymous | 29 Oct 2009 2:56 pm
Is this a canariable mortgage turnip? Is that why yet again brokers are left out in the cold?
Unsuitable or offensive? Report this comment
Tony Joannou | 29 Oct 2009 3:13 pm
At last, a step in the right direction. A 90% mortgage on a decent rate albeit with strings.
Its disappointing to see though that yet again brokers who first time buyers see as their first point of call wont be able to help them with this product. I could perhaps understand if Nationwide said they wanted to limit the product as they may feel they would get swamped, but why don't they look at the Woolwich model of tranche management before making the broker market feel ever more disenfranchised than it oes already.
Unsuitable or offensive? Report this comment
Anonymous | 29 Oct 2009 3:28 pm
Nationwide were fast becoming one of my favourite lenders they have now ruined it in one hit. Well done Nationwide, you are now in line with the scum bad lenders like RBS.
Unsuitable or offensive? Report this comment
Anonymous | 29 Oct 2009 3:34 pm
Could the FSA please confirm that they are happy (under TCF) if a client seeks independent advice on 90% deals to NOT be told about this Nationwide deal? The FSA need to wake up. Some IFA's will only advise on IFA deals. Clients will then find direct deals for themselves and word will get round that you will not find best deals by going to an IFA.
Unsuitable or offensive? Report this comment
Stuart Duncan | 29 Oct 2009 4:32 pm
What a great shame.
I echo the previous comments i.e. how to alienate brokers in one hit and why, oh why, do lenders put us in such an awful position? Every time I see a 90% first time buyer, I have to agonise over fee-charging, recommending rubbish products or abandoning them to execution-only selling via lenders' branches or call centres.
It is not fair to us and it is not fair to them.
Unsuitable or offensive? Report this comment
Steve Rodley | 29 Oct 2009 4:32 pm
Here we go again!!!!!!!
I thought they had learned their lesson but obviousy not.....
I for one will try to justify NOT using them in future!
Unsuitable or offensive? Report this comment
Anonymous | 29 Oct 2009 4:50 pm
To call yourself an independent, whole of market advisor in the current climate is completely misleading to the client. I thought the FSA were supposed to make things clearer and more transparent. I hope someone from the FSA reads this - if they want to protect consumers then they should help create a market where consumers can get access to real independent, WOM advice.
Unsuitable or offensive? Report this comment