From tomorrow, Nationwide will reintroduce free legal services for customers remortgaging with the building society.
Last year Nationwide temporarily withdrew the free standard legals option for remortgage customers and, at the same time, increased the cashback alternative from £250 to £500.
Now the society is reintroducing free standard legals, while continuing to offer the £500 cashback option. This gives customers the choice between utilising the cashback to use their own conveyancer or taking out the free legals alternative.
Henry Jordan, Nationwide’s director of mortgages, said: “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.”
In addition, the maximum loan size for those mortgage members borrowing up to 95% loan-to-value will rise from £250,000 to £350,000. This is designed to benefit those who are predominantly first-time buyers in areas of higher house prices, notably London and the South East.
There are also a number of rate changes across the mortgage range, with some fixed rate, tracker and equity share products being increased, while selected 2-year fixed and tracker rates are reduced.