Derin Clark

Derin Clark

Online Reporter
Published: 22/04/2020

Nationwide Building Society has extended its 85% loan-to-value (LTV) mortgage lending today, so that first-time buyers, new house purchase customers and those looking to remortgage can apply for a deal via brokers and online.

The extending of 85% LTV lending to brokers and online comes after the building society temporarily withdrew all new customer lending above 75% LTV via brokers or online to enable it to focus on supporting existing members during the Coronavirus pandemic and process ongoing applications.

In addition to this, with valuers unable to carry out physical mortgage valuations, the building society is carrying out as many valuations as possible using remote desktop and automated valuation model (AVM) to help customers move forward with their mortgage applications.

New remortgage deals launched

As well as extending its 85% LTV lending, Nationwide has also launched two new remortgage deals today. Those looking to remortgage can now get a two year fixed rate deal at 1.19% and a five year fixed rate deal at 1.39%. Both new deals are available for loans of £300,000 or more to a maximum LTV of 60% and charge £1,499 in fees. These deals come with the incentive of free valuation and either £500 cashback if borrowers are using their own solicitor or no legal fees if using Nationwide solicitors.

95% LTV deals still available

It is possible for new customers to borrower up to 95% LTV, but these applications must be made by telephone and via Nationwide NOW, the building society’s high-definition branch video service.

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.”

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