Nationwide expands access to 90% LTV products

Nationwide has announced it is making 90% LTV loans available for house purchase and for existing mortgage members looking to move home.

The move will be effective from the second week of December, the society confirmed.
People will be able to borrow up to £500,000 over a maximum 25-year term, with rates aligned with those on offer to first-time buyers at 90% LTV, including 3.49% for a two-year fixed mortgage with a product fee of £999.

The society revealed that existing mortgage members are able to borrow up to 95% on a like-for-like LTV basis – as has been the case throughout the coronavirus pandemic – with no LTV restrictions on those looking to switch deals.
After four months of offering 90% LTV in the current environment, Nationwide suggested it is now in a position to expand access to house purchase and existing mortgage members moving home, and remove the temporary criteria applied to fully gifted deposits. The society also revealed it will once again allow fully gifted deposits at 90% LTV from the second week of December.
In the six months to 30 September, Nationwide helped 21,000 first-time homeowners buy their own home – equivalent to one in six of all first-time buyers.

Nationwide director of mortgages, Henry Jordan, said: “As a mutual, owned by our members, we aim to balance supporting first-time buyers into a home of their own with the need to lend responsibly.

“Given the uncertainty created by the pandemic, our re-entry into 90% LTV lending back in July was deliberately cautious and included enhanced criteria.
“Four months on, we are increasingly confident in our approach and so are delighted to be able to expand our support for the market to include home movers whilst removing some of the temporary criteria for first-time buyers, making it easier for parents to help them take their first step onto the housing ladder.”

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