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Nationwide cuts rates on low deposit mortgages

22nd January 2015 Print

All of Nationwide’s 95 per cent loan to value (LTV) Save to Buy fixed rates have been reduced by up to 0.35%, with rates starting at 4.44% for prospective buyers with a 5% deposit.

As a result, the Society is offering a selection of competitive rates for those with small deposits through Save to Buy, an alternative to the Help to Buy: Mortgage Guarantee scheme. In addition to Save to Buy, Nationwide continues to help customers with smaller deposits as a leading supporter of the Help to Buy: Equity Loan scheme.

With Nationwide’s Save to Buy initiative, savings accounts can be opened with a minimum of £50, with customers saving at least £50 per month for six months or more. If the customer goes on to take a Save to Buy mortgage, depending on how much they save, there is also a cashback reward of up to £1,000.

Richard Napier, Nationwide’s Director of Mortgages and Savings, said: “We are aiming to help aspiring homebuyers with smaller deposits to secure a home of their own. With Nationwide’s established Save to Buy scheme, customers who have demonstrated a history of saving are being given the opportunity to access a range of competitive mortgage rates. This shows that good savings habits and strong credit quality go hand in hand.”