Nationwide has announced the launch of several products and rates across its 90% loan-to-value (LTV) first-time buyer range.
The move follows the society’s announcement on Monday that it is increasing the lending limit for first-time buyers to provide further support to them and the housing market amid the coronavirus pandemic.
From Monday 20 July, the lender revealed new 90% LTV products will be open to first-time buyers with no set limit on the number available, with all products available direct with Nationwide as well as via brokers.
Nationwide suggested that in order to lend responsibly as the market continues to recover, it has put in place enhanced lending criteria for the new products. The society stated a property must be a house of at least two-years old, while applicants will be subject to enhanced affordability and credit score criteria. The maximum term is also 25 years.
Nationwide director of mortgages, Henry Jordan, commented: “Our return to the 90% market is aimed at helping people into a home of their own, but it is also important to give first-time buyers a choice to suit their personal situation. That is why we are launching a range of fixed and tracker rate mortgages with different term and fee options.
“By not having a set limit on the number of mortgages available, we aim to help as many first-time buyers get a foot on the ladder as we can at a time many may feel like they have been frozen out.”
Nationwide also announced that from Thursday 16 July, it will be increasing rates on its 85% LTV range by up to 0.45%, while rates on the society’s shared equity range at 60% and 75% LTV range will increase by 0.15%.
“These rate changes reflect a continually evolving market but will also ensure that the society can support all mortgage applications and maintain the levels of service expected of us, especially once our new 90 per cent LTV range launches on Monday,” Jordan added.
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