Nationwide reintroduces 95% LTV mortgages
Nationwide Building Society is set to reintroduce 95% loan-to-value (LTV) mortgage products, launching on Thursday 20 May.
The range will be available to those looking for their first home as well as new customers who are moving.
The society’s 95% LTV offering will offer rates starting from 3.49%, with all products under 4%.
There will be 2 and 5-year fixed rates as well as a 2-year tracker product, all of which will come with various fee options.
As with all of Nationwide’s mortgages, first-time buyers will get £500 cashback when they complete their 95% LTV mortgage with the society.
The products will not be part of the government’s Mortgage Guarantee Scheme, but will be available via mortgage brokers and also directly through Nationwide.
The society is also adding three new products at 95% LTV for existing members moving home, all of which come with a £1,499 fee and match the equivalent new customer rates.
Henry Jordan, director of mortgages at Nationwide Building Society, said: “Deposits and affordability are two of the major issues currently facing first-time buyers, making it harder than ever for them to get their first home.
“We believe that with the launch of our new market-leading 95% range, along with the recent introduction of Helping Hand, we are playing a leading role in helping to tackle both these issues and giving people even more choice as they look to move into a home of their own.
“As the UK’s biggest building society and second largest lender, supporting people into their first home is at the heart of what we do.
“As one of the leading lenders to first-time buyers, we feel confident returning to the 95% LTV market without the need for the Mortgage Guarantee Scheme.
“By not being part of the scheme, we can provide improved value to our members and this is demonstrated by the market-leading rates we’re announcing today.”