Previously only first-time buyers opting for a Nationwide mortgage deal with a £999 fee were eligible for a £500 discount. But the change means the cashback will be on offer on all first-time buyer products.
The cash is offered in addition to any cashback provided through Nationwide’s Save to Buy. Buyers who save in Save to Buy can get cashback up to £1,000 if they take out a Save to Buy mortgage or £250 cashback on a Flexclusive mortgage.
The money will be paid directly to the customer’s bank account within a month of completion.
Nationwide has also re-priced its 10-year fixed mortgage deals, reducing rates by up to 0.65%. Rates for 10-year fixed rate deals start at 3.04% for products up to 70% loan-to-value (LTV).
Henry Jordan, Nationwide’s head of mortgages, said: “Setting up home for the first time can prove to be a costly experience. By introducing a £500 cashback for all first-time buyers, on top of the various other great options we have to support these customers, Nationwide aims to provide additional support when it is needed most.
“In addition, the Loyalty Rate Mortgages initiative continues to benefit our existing customers, with competitive five and 10-year fixed rate deals for those looking for payment security over the longer term.”
Nationwide’s Loyalty Rate Mortgages compares the society’s mortgage rates for existing customers with those of its top six high street competitors and guarantee to offer the lowest comparative rate for those looking to switch to a new deal.
