Nationwide cuts rates on low deposit mortgages

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.”