Nationwide is increasing the rates on its two, three and five-year fixed rates at 80% and 85% LTV by up to 0.25%.

From tomorrow (22/04/2020), Nationwide Building Society is extending its mortgage lending through brokers and online up to 85% LTV.

As part of the relaunch, Nationwide is increasing the rates on its two, three and five-year fixed rates at 80% and 85% LTV by up to 0.25%. Two-year tracker rates at the same LTVs will also increase by up to 0.15%. The range is available for purchase and remortgage, including to first-time buyers.

Nationwide had temporarily withdrawn new customer lending above 75% LTV in response to the Covid-19 outbreak.

Existing members moving home, borrowing more or switching product can continue to borrow up to 95% LTV.

From tomorrow, Nationwide is also launching two new remortgage products with a £1,499 fee – a two-year fixed rate at 1.19% and a five-year fix rate at 1.39%.

Both are available for loans of £300,000 or more at a maximum 60% LTV and will be available for both interest only and capital repayment loans. The Society’s no fee products paying 1.69% (fixed for two and five years) are also an option for loans of £300,000 or more.

For those looking for a loan of less than £300,000, borrowers have a choice of two and five-year fixed rate mortgages with either no fee or a £999 fee, starting from 1.29%.

Henry Jordan, Nationwide’s director of mortgages, said: “We continue to focus on supporting existing mortgage members and customers and ensuring that ongoing applications can be processed as quickly as possible. However, as the UK’s second largest mortgage lender, it is right that we still play an active role in the market, while maintaining the levels of service expected of us, during what are unprecedented and evolving times. That is why we have increased our loan-to-value limit on applications made through intermediaries and online, all while continuing to offer up to 95% borrowing for existing members and for new customers via our phone and Nationwide NOW channels.

“We are giving borrowers even more variety to choose a mortgage that suits their needs. By launching these new £1,499 fee products, borrowers looking to remortgage now have the opportunity to lock into a very competitive rate for either two or five years. We expect these products to be particularly popular with those looking for a larger interest only loan. And, to ensure that existing Nationwide members can benefit from the Society’s most competitive rates, we are also reducing the rates on our switcher products at up to 60% loan-to-value.”

Source: https://www.financialreporter.co.uk/mortgages/nationwide-increases-intermediary-mortgage-lending-to-85-ltv.html