Nationwide has announced it will cut rates on a range of low deposit mortgages from 21st January.
All fixed rates for customers with 5 per cent deposit in the society’s Save-to-Buy product range have been reduced by 0.35 percentage points to 4.44 per cent for new customers. The rates for existing customers start from 4.34 per cent.
Nationwide’s Save-to-Buy initiative is an alternative to the Help-to-Buy mortgage guarantee scheme. Save-to-Buy customers can open savings accounts with a minimum of £50. They save £50 per month for six months or more and depending on the amount of money they save customers also stand to get a cashback reward of £1,000.
According to Richard Napier, director of mortgages and savings at Nationwide, the Save-to-Buy mortgage initiative is a way to reward customers with good savings habits by allowing them “to access a range of competitive mortgage rates.”
Key highlights of Natiowide’s new offers:
|
Product |
LTV |
Rates for New Customers |
Rates for Existing Customers |
Standard Product Fee |
Fee for First-time Buyers |
|
2-year fix Save to Buy |
Up to 95% |
4.44% |
4.34% |
£999 |
£499 |
| 5-year fix |
Up to 95% |
5.19% |
5.09% |
£999 |
£499 |
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