According to the lender, as well as being available for borrowers looking to remortgage on a like-for-like basis, these products will also be available for those looking to undertake additional borrowing against their property if required.
The following 90% LTV products for remortgage will apply:
- Two-year fixed rates: starting from 2.09% with a £999 fee
- Five-year fixed rates: starting from 2.79% with a £999 fee
- Two-year tracker rates: starting from 1.69% with a £999 fee
Borrowers looking for a further advance will also be able to opt for a two, three or five-year fixed-rate or a two-year tracker at 90% LTV with rates starting from 1.29%.
Additionally, in order to encourage people to make their homes more environmentally friendly, Nationwide’s Green Additional Borrowing product will also be extended to 90% LTV. A flat rate of 0.94%, with no product fee, is available on all LTVs for both two and five-year fixed rates where the money is being used to fund green home improvements – a significant rate reduction on Nationwide’s existing further advance rates
All products are available direct with Nationwide (telephone, branch and online) as well as via brokers.
Henry Jordan, Director of Mortgages at Nationwide Building Society, said: “This latest expansion of our range will give more options to borrowers looking to remortgage, particularly those looking to borrow more. Our homes remain one of the biggest contributors to carbon emissions in the UK and to ensure we can continue to play our part in helping people make their homes more sustainable we have also extended the maximum LTV for our Green Additional Borrowing product.”
Nick Morrey, Technical Director at Coreco Group Ltd, comments: “This progressive step by a major lender in the UK to allow people to release equity in their property to 90% will be a welcome change to many borrowers in the UK. The idea that if you are buying a property and can raise up to 90% easily with many lenders but not if you already own the property is a little incongruous to many. By taking this step in the mainstream market, Nationwide will be helping many consumers who wish to release equity”
Jonathan Clark, Mortgage & Protection Adviser at Fairstone Wealth Management Limited, adds: “It’s great to see a major high-street lender offering 90% mortgages again, especially when combined with a wide range of fixed and (penalty-free) tracker products. The ability to capital-raise for home improvements is another bonus, especially if funds are for green upgrades, as this triggers an even lower rate."