Nationwide has announced it will launch a new £500 cashback offer to all of its customers who are first-time buyers (FTBs).
The offer, available from tomorrow (13 May), will replace an existing £500 product fee discount offered to first-time buyers who have chosen a Nationwide mortgage with £999 fee.
The first time buyer cashback is offered in addition to any cashback provided through Nationwide’s Save to Buy, which offers a cashback of up to £1,000 to savers taking out a Save to Buy mortgage, or Flexclusive* mortgage deals, which offer the option of a £250 cashback. It will be paid directly to the customer’s bank account within a month of completion.
Henry Jordan, head of mortgages at Nationwide, said:
“Setting up home for the first time can prove to be a costly experience. By introducing a £500 cashback for all first time buyers, on top of the various other great options we have to support these customers, Nationwide aims to provide additional support when it is needed most.”
Rate cut on 10-year fixes for existing customers
Nationwide also announced a reduction of up to 0.65 per cent on 10-year fixed-rate mortgages for its existing customers looking for a new, better deal. The products are now available at rates starting from 3.04 per cent and LTVs from 70 per cent.
The changes to the Loyalty Rate Mortgages range include:
10 year fixed rates:
- 60 per cent and 70 per cent LTV with a £999 fee. Rate cut from 3.04% to 2.94%.
- 60 per cent and 70 per cent LTV with a £0 fee. Rate cut from 3.14% to 3.04%.
- 75 per cent LTV with a £999 fee. Rate cut from 3.34% to 2.94%.
- 75 per cent LTV with a £0 fee. Rate cut from 3.44% to 3.04%.
- 80 per cent LTV with a £999 fee. Rate cut from 3.59% to 2.94%.
- 80 per cent LTV with a £0 fee. Rate cut from 3.69% to 3.04%.
*
In addition, the following five-year fixed switcher rates with a £999 fee will be reintroduced:
- 85 per cent LTV with a £999 fee reintroduced at 3.24%.
- 90 per cent LTV with a £999 fee reintroduced at 3.84%.
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