Nationwide targeting first-time buyers with new 5% deposit mortgages
Nationwide for Intermediaries has launched a range of 5% deposit rates in a move designed to make mortgages more widely available while boosting its lending figures.
The lender previously offered 5% deposit mortgages though its branch network, but borrowers had to open a savings account or take out a Help to Buy rate to qualify.
There is a range of two, three and five year fixes available and maximum loans will be capped at £250,000.
The two-year fix is priced below 4% and all of the rates have £999 arrangement fees.
Aaron Strutt, product manager at Trinity Financial, says: “The lender is planning to provide one in five first-time buyer mortgages and is set to boost its lending by £1billion over the next 12 months.”
For help to secure a low deposit mortgage, call Trinity on 020 7016 0790.
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