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Nationwide cuts fees and rates

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by Gill Montia

Nationwide has launched a number of initiatives aimed at helping first-time buyers and homemovers.

For first-time buyers, the building society is discounting its reservation fee by up to £500 and offering a £250 reservation fee discount, plus free legals.

The lender is also extending this offer to its four and five-year fixed rate deals.

The move cuts the reservation fee on a three-year fix at 4.44% and 60% loan-to-value ratio to just £396.

Homemovers can benefit from a combined reservation and free legals option, which reduces up-front costs on the society’s fixed and tracker rate loans.

In addition, products available to existing customers coming to the end of their deals have been enhanced with fee and rate cuts.

In related news, Nationwide recently announced that it is proposing to raise cash to finance its mortgage lending through a sale of UK residential mortgage-backed securities (RMBS).

Bad debt resulting from investments in mortgage-backed securities has been at the heart of the credit crisis and the news is being seen as evidence that the RMBS market may now be in recovery, particularly as Lloyds Banking Group made a similar move last month, with its first issue of mortgage-backed bonds in over a year.

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News posted: October 16, 2009

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