The Nationwide Building Society is reintroducing free legal services for its remortgaging customers.
In 2017, the Nationwide temporarily withdrew the free standard legals option for remortgage customers and, at the same time, increased the cashback alternative from £250 to £500.
The UK’s largest building society is now reintroducing free standard legals, while continuing to offer the £500 cashback option. This gives customers the choice between utilising the cashback to use their own conveyancer or taking the free legals alternative.
In addition, the maximum loan size for those mortgage members borrowing up to 95% loan to value (LTV) will increase from £250,000 to £350,000. This is aimed to benefit those who are predominantly first time buyers in areas of higher house prices, notably London and the South East.
Henry Jordan, Nationwide’s director of mortgages, said: “These changes offer improved choice and flexibility across our remortgage range. Also, by increasing the maximum loan size available to those with small deposits, it will enable more buyers to take their first step onto the housing ladder.”