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Nationwide set to cut first-time buyer loans

vickyhartley
Written By:
Posted:
December 3, 2012
Updated:
December 3, 2012

Nationwide is set to reduce its 90% LTV rates by between 0.50% and 0.70% and is cutting others by up to 0.40% tomorrow.

In the fourth set of rate reductions in less than two months, the reductions across all LTV tiers includes a two-year fixed rate offered from 4.49% or 0.10% less for existing clients.

The three-year fixed rate will be reduced by 0.60%, and will be offered from 4.69% and the five-year fixed rate will be offered from 4.99%, or at 0.10% less for existing customers.

Other fixed and tracker rates will be reduced by up to 0.40%.

Tracie Pearce, Nationwide’s head of mortgages, said: “We’ve cut our rates a number of times over the last few weeks and not just for those with a large deposit. This time, we will continue to make reductions across the board, but our largest cuts are on loans with an LTV of 90%.

“It’s a tangible demonstration of how we are utilising the Funding for Lending Scheme to reduce rates for customers at both ends of the LTV spectrum.

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“We hope it gives first time buyers and other borrowers the boost they need to get the mortgage and home that they are looking for.

“The message is very clear – Nationwide is open for business.”