"Given the uncertainty created by the pandemic, our re-entry into 90% LTV lending back in July was deliberately cautious and included enhanced criteria."
From the second week of December, applicants will be able to borrow up to £500,000 over a maximum 25-year term, with rates aligned with those on offer to first-time buyers at 90% LTV, including 3.49% for a two-year fixed mortgage with a product fee of £999.
Existing mortgage members are able to borrow up to 95% on a like-for-like LTV basis, with no LTV restrictions on those looking to switch deals and rates priced the same or better than new business equivalents.
All of the Society’s 90% LTV mortgages will be available via brokers.
Nationwide re-entered the 90% LTV market in July with temporary criteria in place to protect service levels.
The Society says it is now in a position to expand access to house purchase and existing mortgage members moving home and remove the temporary criteria applied to fully gifted deposits.
Nationwide will once again allow fully gifted deposits at 90% LTV from the second week of December.
Henry Jordan, director of mortgages at Nationwide Building Society, said: “Nationwide was founded to help people into homes of their own and that remains the case as much today as it did 135 years ago. As a mutual, owned by our members, we aim to balance supporting first-time buyers into a home of their own with the need to lend responsibly. Given the uncertainty created by the pandemic, our re-entry into 90% LTV lending back in July was deliberately cautious and included enhanced criteria.
“Four months on, we are increasingly confident in our approach and so are delighted to be able to expand our support for the market to include home movers whilst removing some of the temporary criteria for first-time buyers, making it easier for parents to help them take their first step onto the housing ladder.”
