Nationwide reports that, from tomorrow 30 October, it will reduce selected 95 per cent LTV fixed and tracker mortgage rates by up to 0.50 per cent.
Changes are as follows: the two-year tracker with £999 fee will start at 2.99 per cent, and 3.39 per cent with no fee; the three-year fixed rate product will start at 3.59 per cent with £999 fee and 3.89 per cent with no fee; and the five-year fixed rate mortgage will start at 3.74 per cent with £999 fee and 3.94 per cent with no fee.
Furthermore, the lender reports that it has upped the maximum loan size for 95 per cent LTV borrowers (including first-time buyers), from £350,000 to £500,000.
Nationwide adds that for those who wish to remortgage, it will extent the maximum LTV to 90 per cent.
Nationwide director of mortgages Henry Jordan says: “We know that finding a deposit can be a challenge for those looking to take their first steps towards home ownership. The changes announced today offer competitive rates for those with small deposits… and are aimed at particularly supporting FTBs, as well as those living in areas with higher property values.”