Nationwide unveils joint let-to-buy and resi range
This is the first time the Nationwide Group has offered a dual brand proposition between Nationwide and The Mortgage Works.
TMW’s let-to-buy products for customers who will complete a residential purchase are 2-year fixes at 2.99% to 65% LTV and 4.09% to 75% LTV, and 5-year fixes to 65% LTV at 3.99% and 75% LTV at 4.49%, all with a £999 fee.
Customers who remortgage their current home and complete their new residential mortgage through Nationwide will also claim £250 cashback.
Paul Wootton, its head of specialist lending, said: “Nationwide is taking a joined-up approach to helping home movers turn their existing home into a buy-to-let, while purchasing a new home in which to live.
“We are making it easier and more flexible for our customers to complete the process of securing two different types of home loan at the same time, helping those who may wish to live elsewhere but want to turn their existing property into an investment opportunity.
“Customers who complete both transactions through the Nationwide Group will receive a £250 cashback as a loyalty reward. This could help assist with moving costs or added legal fees that can be associated with completing two mortgages at once.”
David Hollingworth, associate director at intermediary firm London & Country, said: “A move to a new property can often be the point when an owner makes the decision to become a landlord.
“Linking the two sides of the let to buy coin makes sense and should give brokers and their customers the option of a more joined up solution with added cost incentives.”