Nationwide lowers 5% deposit mortgage rates by up to 0.4%

by Aaron Strutt

Jan 02 2016

Nationwide for Intermediaries has improved the rates on its 5% deposit mortgages by up to 0.40%.

The building society has lowered its two-year fix by 0.35%, three-year fix by 0.4% and five-year fix by 0.30%.

Nationwide for Intermediaries lowest 5% deposit mortgage is a 3.89% two-year fix.

After the fixed period, the rate will revert to the lender’s standard variable rate, which is currently 3.99%. The overall cost for comparison is 4.2% APR.

There is a £999 arrangement fee and a maximum loan size of £250,000. First-time buyers receive £500 cash back on completion and early repayment charges apply for two-years.

Aaron Strutt, product manager at Trinity Financial, says: “Lots of banks and building societies are offering 5% deposit mortgages and the rates are competitively priced. If you can raise a 10% deposit, the mortgage rates are much more competitively priced.

“Nationwide is a popular lender and it has some generous acceptance criteria. The average time from application to mortgage offer is currently 11 days.”

For help to secure a low deposit mortgage, call Trinity on 020 7016 0790.