Nationwide is bringing back 95% LTV mortgages on Thursday without making use of the Mortgage Guarantee Scheme.
Only employed borrowers are eligible, with flats and new-build homes excluded.
The lender will be offering rates from 3.49% with a £1,499 fee for a two-year fixed rate.
Five-year fixed rates start from 3.79% with a £1,499 fee, with further options available with lower fees and higher rates.
The lender is matching these rates with three new products for existing customers and new customers moving home.
As with all of Nationwide’s mortgages, first-time buyers will get £500 cashback
The deals will be available directly and through brokers.
Director of mortgages Henry Jordan says: “Deposits and affordability are two of the major issues currently facing first-time buyers, making it harder than ever for them to get their first home.
“We believe that with the launch of our new market-leading 95 per cent range, along with the recent introduction of Helping Hand, we are playing a leading role in helping to tackle both these issues and giving people even more choice as they look to move into a home of their own.
“As one of the leading lenders to first-time buyers, we feel confident returning to the 95 per cent LTV market without the need for the Mortgage Guarantee Scheme.
“By not being part of the scheme, we can provide improved value to our members and this is demonstrated by the market-leading rates we’re announcing today.”
Original Article from Mortgage Strategy 17/05/2021
