"By not having a set limit on the number of mortgages available, we aim to help as many first-time buyers get a foot on the ladder as we can"
Available from Monday 20th July, two-year fixed rates start from 2.49% with a £999 fee or 2.74% with no fee. Three and five-year fixes are available from 2.79% with a fee or 2.99% with no fee, while a two-year tracker starts at 2.59% with a £999 fee or 2.84% fee-free.
All products are available direct with Nationwide as well as via brokers, and come with £500 cashback and free valuations.
In order to lend responsibly as the market continues to recover, Nationwide has put in place enhanced lending criteria for the new products. The property must be a house of at least two-years old, while applicants will be subject to enhanced affordability and credit score criteria. The maximum term is 25 years.
In addition, from tomorrow Nationwide will be increasing rates on its 85% LTV range by up to 0.45%, while rates on the Society’s shared equity range at 60% and 75% LTV range will increase by 0.15%.
Henry Jordan, director of mortgages at Nationwide, said: “Our return to the 90% market is aimed at helping people into a home of their own, but it is also important to give first-time buyers a choice to suit their personal situation. That is why we are launching a range of fixed and tracker rate mortgages with different term and fee options. Given the competitive rates on offer, we expect these to prove extremely popular when they launch on Monday. By not having a set limit on the number of mortgages available, we aim to help as many first-time buyers get a foot on the ladder as we can at a time many may feel like they have been frozen out.
“These rate changes reflect a continually evolving market but will also ensure that the Society can support all mortgage applications and maintain the levels of service expected of us, especially once our new 90% LTV range launches on Monday.”
