Nationwide Building Society is to launch a number of initiatives and rate cuts aimed at helping first-time buyers and customers looking to move to their next property.
The lender revealed that it will offer first-time buyers two new options designed to make it easier and cheaper for them to borrow by reducing the amount they pay upfront to secure a deal. First time buyers can choose between a bigger discount on the reservation fee, changing from £250 to £500, or; a £250 reservation fee discount plus free legal fees.
The Society is also extending this offer to cover two additional products, the four and five-year fixed rate, therefore allowing these borrowers to choose between fixing their rate over three, four or five years or taking a tracker product over three years.
Andy McQueen, mortgage director at Nationwide, said the combination of rate cuts, and special fee offers would help first-time buyers and seasoned home owners.
“We are reducing the amount that they need to pay upfront and so hope we have removed a barrier which may have prevented people from buying a home.”
“Existing Nationwide borrowers at the end of their deal will also benefit from fee and rate cuts, as well as continuing to benefit from one flat rate available up to 95% LTV on many products.”
Article Source Mortgage Solutions | 15 Oct 2009 | 15:59
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