Nationwide will reintroduce free legals for remortgage customers as of tomorrow, 8 February.
Last year Nationwide temporarily withdrew the free standard legals option for remortgage customers. It concurrently increased the cashback alternative from £250 to £500.
The Society will maintain this higher cashback option while it reinstates free standard legals on remortgages, so consumers can choose one or the other.
In addition, the maximum loan size for those mortgage members borrowing up to 95 per cent loan to value will increase from £250,000 to £350,000. The lender says this is intended to assist those who are predominantly first-time buyers in areas of higher house prices, such as London and the South East.
Nationwide’s director of mortgages Henry Jordan says: “These changes offer improved choice and flexibility across our remortgage range. Also, by increasing the maximum loan size available to those with small deposits, it will enable more buyers to take their first step onto the housing ladder.”
Nationwide has also applied a number of rate changes across the mortgage range, with some fixed rate, tracker and equity share products being increased, while selected two year fixed and tracker rates are reduced.