Nationwide extends mortgage lending to 85% LTV

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Nationwide is extending mortgage lending up to 85% LTV and launches two remortgage products. Nationwide is increasing the rates on its two, three and five-year fixed rates at 80% and 85% LTV by up to 0.25%.

The Building Society is extending its mortgage lending through brokers and online up to 85% LTV from today.

Two-year tracker rates at the same LTVs will also increase by up to 0.15%. The range is available for purchase and remortgage, including to first-time buyers.

Nationwide had temporarily withdrawn new customer lending above 75% LTV in response to the Covid-19 outbreak.

With valuers currently unable to carry out physical mortgage valuations due to the need for social distancing, the Society said it had been carrying out as many valuations as possible remotely.

Existing members moving home, borrowing more or switching product can continue to borrow up to 95% LTV.

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Two new remortgage products

Nationwide is also launching two new remortgage products with a £1,499 fee –

  • a two-year fixed rate at 1.19%
  • a five-year fix rate at 1.39%

 

Both are available for loans of £300,000 or more at a maximum 60% LTV and will be available for both interest only and capital repayment loans. The Society’s no fee products paying 1.69% (fixed for two and five years) are also an option for loans of £300,000 or more.

For those looking for a loan of less than £300,000, borrowers have a choice of two and five-year fixed-rate mortgages with either no fee or a £999 fee, starting from 1.29%.

 

Henry Jordan, Nationwide’s director of mortgages, said:

“As the UK’s second largest mortgage lender, it is right that we still play an active role in the market, while maintaining the levels of service expected of us, during what are unprecedented and evolving times.

“That is why we have increased our loan-to-value limit on applications made through intermediaries and online, all while continuing to offer up to 95% borrowing for existing members and for new customers via our phone and Nationwide Now channels.”

Looking for first-time buyer mortgage? Please contact on 0113 2488181 OR click here.

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