Nationwide announces mortgage changes

Wed, 17 Dec 2008

Nationwide has announced a number of changes to its mortgage products which will become effective from December 17th.

The bank is re-entering its tracker mortgage into the market, with a new two-year deal.

It stated that the new range is aimed at existing borrowers who want to move home and require a higher loan-to-value (LTV) deal, with a 95 per cent mortgage coming back to the market.

Commenting, Matthew Carter, divisional director of mortgages at Nationwide, said: "As part of our ongoing commitment to existing borrowers during these difficult times, we have introduced a new, higher, LTV tier."

Features for the new product range include overpayment of up to £500 per month and no standard valuation fees or legal fees for customers who are remortgaging .

Last month, it was reported that Nationwide had limited its cheap mortgages, preventing new borrowers from taking out loans with its standard variable rate of 4.69 per cent.

Existing customers who were remortgaging could still benefit from the deal.
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