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29 February 2008

Nationwide to offer 95% mortgage

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by Kay Mitchell

Nationwide to offer 95% mortgage

It was recently announced that both Alliance and Leicester and Abbey withdrew their 100% plus mortgage range, these types of mortgages were high risk but meant that first-time buyers were able to get onto the property ladder and have money for stamp duty and legal fees.

However, with many lenders scrapping their high loan to value deals, first-time buyers may be pleased to learn that Nationwide it is to continue to offer this kind of home loan.

Nationwide said this type of deal is particularly suited to first-time buyers and that customers could benefit by around £3,210 by choosing this product.

The UK’s fifth largest mortgage lender has said that many lenders require a higher lending charge from customers who want to borrow over 90% of the property value for a mortgage, which means that borrowers wasted some £220 million in higher lending charges in 2007.

A spokesperson for Nationwide said buying your first home is an exciting experience, which shouldn’t be spoiled by paying more than you need to for your mortgage.

The lender encourages buyers to shop around and compare deals before proceeding as it could make a huge difference.

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