Nationwide still offers great value for first time buyers

Contrary to some recent reports, Nationwide Building Society continues to offer first time buyers and those with smaller deposits some of the best value deals on the high street. Customers wanting to borrow 95% of their property’s value could benefit by up to £3,219 by choosing the Society over other major high street lenders - no small sum for those taking their first steps on the property ladder.

Unlike some high street lenders who continue to impose a higher lending charge for customers looking to borrow in excess of 90% of the value of their property, Nationwide’s offering is clear and transparent – with no hidden fees. The Society estimates that borrowers collectively wasted £220 million on higher lending charges alone in 2007.

Matthew Carter, director of Mortgages at Nationwide, said: “Nationwide’s mortgages continue to offer excellent value for first time buyers and those looking to borrow up to 95% of the value of their property. Customers should be aware that the headline interest rate is not all they pay and must also take into account the fees and charges that form part of their mortgage deal. Buying your first home is an exciting experience, which shouldn’t be spoiled by paying more than you need to for your mortgage. We urge first time buyers to shop around and compare the cost of each deal before committing, it could make a big difference.”