Nationwide Building Society is, from Friday 16 October 2009, launching a number of initiatives, and rate cuts of up to 0.84%, which could make it easier for homebuyers to access mortgages and remortgages. The Society is also making further improvements to its outstanding range of options available to existing customers coming to the end of their deal.

Real help for first time buyers
Nationwide is offering first time buyers two new options designed to make it easier and cheaper for them to borrow by reducing the amount they pay upfront to secure a deal. First time buyers can choose between:

• a bigger discount on the reservation fee, changing from £250 to £500, or;
• a £250 reservation fee discount plus free legal fees.*

As an example, this reduces the reservation fee on a three year fixed rate mortgage at 4.44% (60% LTV) to just £396.The Society is also extending this offer to cover two additional products, the four and five year fixed rate, therefore allowing these borrowers to choose between fixing their rate over three, four or five years or taking a tracker product over three years. Additionally, they could choose to take the two year fixed or tracker rate with no fee and benefit from the new “no legal fees” offer (see below).

Better value for all home buyers
The Society is also introducing a combined reservation and legal fee* free option which is designed to help those who want to move home but are deterred by the cost of the initial fee. This option will be available on the competitive two year fixed rate available from 4.28% (up to 70% LTV) and on a new two year tracker available from 3.48%¹ (up to 70% LTV).