Mortgage News
Nationwide to increase LTV to 90% for remortgage customers
Nationwide will increase its maximum loan-to-value (LTV) to 90% from 85% for customers remortgaging from other lenders to the Society from tomorrow.
The two-year 90% LTV remortgage products will carry either a rate of 2.39% and come with a £999 fee or a rate of 2.79% and have no additional fee attached.
For its three-year options, the product will carry a rate of 2.74% and for its five-year product, a rate of 3.19% with a £999 fee or a rate of 3.39% with no fee will apply.
Remortgage customers will also benefit from free standard valuations and the choice of either free standard legal work or £250 cashback.
It comes after the recent introduction of Nationwide’s 95% LTV tracker product, as well as its existing 95% fixed-rate deals for homebuyers.
Existing Nationwide mortgage borrowers switching at the end of their current deal or moving home have access to the lender’s range of 95% LTV products.
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Henry Jordan, head of mortgages at Nationwide, said the increase in LTV was a response to growing demand and was aimed to help customers as much as possible by offering competitive rates to customers.
He added the increase would be beneficial to first-time buyers who bought with a smaller deposit and are now looking for a lower rate at the end of their current deal.