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Nationwide launches MI New Home scheme

Robyn Hall

September 12, 2012

The society is offering mortgages to those buying a new-build house or flat in Scotland, through a builder registered under the MI New Home mortgage indemnity scheme.

Tracie Pearce, Nationwide’s head of mortgages, said: “Nationwide is committed to helping people towards owning a home of their own, and is therefore pleased to support this new initiative.

“We’ve already seen the NewBuy scheme in England making a real difference, by allowing buyers of new-build properties access to lower deposit mortgages than would otherwise be the case. For many, this can mean the difference between being able to purchase a home now, or not – and is yet another example of Nationwide being on your side.”

Mortgages mirror those available under the existing NewBuy scheme for England, with rates including:

3-year fixed rate available at 5.49% for house purchase (95% LTV), 5.39% for existing customers moving home

• £900 product fee, £99 booking fee (payable upfront and non-refundable) for house purchase and existing customers moving home

• £500 product fee discount for first-time buyers

• Product fee-free option available at 5.79% (5.69% for existing customers moving home), £99 booking fee will still apply

5-year fixed rate available at 5.59% for house purchase (95% LTV), 5.49% for existing customers moving home

• £900 product fee, £99 booking fee (payable upfront and non-refundable) for house purchase and existing customers moving home

• £500 product fee discount for first-time buyers

• Product fee-free option available at 5.79% (5.69% for existing customers moving home), £99 booking fee will still apply

Lending from 90.01% to 95% LTV on new-build homes for first time buyers and new and existing customers moving home.

Products will be available via intermediaries at launch. Nationwide is the only large lender to give access to products through all intermediaries and supports the use of multi-user cells to give access to as many builders as possible.


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