Nationwide earmarks £1bn for new range of 95% LTV deals

Nationwide is set to launch a range of standard 95 per cent LTV mortgages – its first outside of a scheme since 2008.

The range starts at 3.99 per cent and is available through brokers as well as branches.

The lender says it has earmarked an additional £1bn in lending for the range over the next year.

Previously, Nationwide offered its Save to Buy deals as well as Help to Buy products.        

First-time buyers will continue to receive £500 cashback on all Nationwide mortgages.        

Nationwide head of mortgages Henry Jordan says: “Nationwide’s move significantly increases the Society’s lending in the first-time buyer market and widens consumer choice. It aims to build on Nationwide’s traditionally strong support for first-time buyers by offering more mortgage options to those with smaller deposits and helping them to achieve their dream of purchasing a home of their own.”

Chadney Bulgin mortgage partner Jonathan Clark says: “Customers wanting a 95 per cent mortgage from the Nationwide have previously had to apply directly through the branch network as these were not available via intermediaries. So this is great news, particularly with such competitive rates.”