Nationwide offers home mortgage discounts
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Two new discounts to make it easier for first-time buyers to secure a mortgage without hefty upfront costs have been announced by Nationwide.
Customers taking out a three, four or five-year fixed-rate mortgage or a three-year tracker deal from today (October 16th) will be offered a £500 discount off the reservation fee.
Alternatively, they can receive a £250 discount on the charge and get all legal fees paid for.
This means that a three-year fixed-rate mortgage at 4.44 per cent and a 60 per cent loan-to-value with the building society will come with fees as low as £396.
Existing customers have also beenoffered rate reductions on various fixed-rate mortgages up to 0.84 per cent, with interest being knocked down to 3.79 per cent on some deals.
Andy McQueen, mortgage director at Nationwide, said: "The combination of rate cuts of up to 0.84 per cent and fee offers we are announcing today should really help first-time buyers and seasoned home owners.
"We are reducing the amount that they need to pay upfront and so hope we've removed a barrier which may have prevented people from buying a home," he added.
Major banks are dominating the mortgage market and are keeping deposits at a level out of the reach of first-time buyers, an industry organisation recently said.
The Association of Mortgage Intermediaries believes that loan-to-value rates are currently set at an artificially high level.
Written by Ted Maul
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