Nationwide Building Society is launching a range of shared equity mortgage deals and has confirmed it will offer loans for the government’s expanded London Help to Buy Equity Loan scheme.
From yesterday (27 January) its two-year fixed rate products at 60 per cent loan-to-value (LTV) will be 1.89 per cent with a £999 fee and 2.29 per cent with no fee.
At 75 per cent LTV, two-year fixed rates start at 1.99 per cent with a £999 fee and 2.39 per cent with no fee.
Rates for the five-year fixed rate shared equity products start at 2.64 per cent for those up to 60 per cent LTV with a £999 fee and 2.84 per cent with no fee.
At 75 per cent LTV, rates start at 2.74 per cent with a £999 fee and 2.94 per cent with no fee.
With the two-year tracker mortgages deals, shared equity products start at 1.64 per cent with a £999 fee and 2.04 per cent with no fee up to 60 per cent LTV.
There are no early redemption charges on the tracker products.
Mortgage applicants qualify for a fee-free standard valuation, plus a further £250 cashback if they have a Nationwide Flex main current account.
Henry Jordan, head of mortgages at Nationwide, said: “Nationwide is launching a range of competitive shared equity products ahead of the launch of the expanded London Help to Buy scheme, enabling homebuyers to access a choice of mortgage deals with fee-free valuations as well as a £500 cashback for first-time buyers.
“The society has provided a substantial proportion of mortgages for the Help to Buy equity loan scheme since its launch, and will continue to do so as it is expanded, continuing to help first-time buyers and home movers to secure a home of their own.”
Simon Webster, managing director at Facts & Figures: Chartered Financial Planners in Ashford, said: “Nationwide are a serious player in the mortgage market.
“They’re particularly flexible and the fact they have launched a range in this sector underlines its growing importance. I like Nationwide. This is a decent range and the government-backed scheme is particularly attractive.”
