The Nationwide Building Society is increasing the maximum loan to value (LTV) for customers remortgaging from other lenders to the Society on a like-for-like basis from 85% LTV to 90% tomorrow (1 November).
Rates for the two-year 90% LTV remortgage product start at 2.39% with a £999 fee and 2.79% with no fee. There is also a three-year product option, starting at 2.74%, and five-year products at 3.19% with a £999 fee and 3.39% with no fee.
In addition, remortgage customers are able to benefit from a free standard valuation and the choice between free standard legal work and £250 cashback.
The new remortgage products complement Nationwide’s options for those borrowers with smaller deposits, including the recent introduction of a 95% LTV tracker product and its existing 95% fixed rate deals for homebuyers, including its discounted Save to Buy mortgage options for Help to Buy ISA and Save to Buy savings customers.
All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback.
Existing Nationwide mortgage customers switching to a new mortgage deal or moving home receive a £250 cashback, in addition to continuing to benefit from a 0.10 percentage point discount on new customer rates.
Henry Jordan, Nationwide’s head of mortgages, said: “We are extending our range of remortgage products to 90% LTV in response to growing demand and to help the most customers possible. This will be particularly useful for first time buyers who bought with a smaller deposit and are now looking for a lower rate at the end of their current deal.
“With the combination of competitive rates and access to additional benefits, Nationwide will continue to offer mortgage deals that are amongst the best on the high street.”