Nationwide increases maximum term on 90% LTV mortgages

Nationwide Building Society is reverting to offering a maximum loan term of 40 years on 90% LTV mortgages.

Related topics:  Mortgages
Rozi Jones
21st January 2021
Natiownide
"As we become more comfortable lending in the current market, we are now in a position to revert to offering 90% LTV mortgages available with a maximum term of 40 years."

The increase will be effective from 21st January.

Nationwide recently reduced 90% LTV two-year fixed rates by 0.25% to 3.24% with a £999 fee and 3.49% with no fee.

Henry Jordan, director of mortgages at Nationwide, said: “As a responsible lender we initially made a cautious re-entry back into the higher LTV market.

“However, as we become more comfortable lending in the current market, we are now in a position to revert to offering 90% LTV mortgages available with a maximum term of 40 years.

“We know that many borrowers, particularly first-time buyers, will opt for a longer term mortgage in order to help make their monthly mortgage repayments more manageable.

“The changes we made at the end of last year continue to have a positive impact our service levels with the time from application to offer halving in recent weeks.

“However, with the stamp duty holiday ending in March, we are likely to enter a peak period.

“We are grateful to all brokers who continue to submit new cases while, at the same time, managing their clients’ expectations on the likelihood of their application completing before the deadline.”

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