Nationwide mortgage offer helps first-time buyers

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Nationwide mortgage offer helps first-time buyers

Nationwide has announced a new mortgage offer for first-time buyers singing up to its three-year fixed and tracker products, which are available from 5.75 per cent and 5.74 per cent respectively.

From Thursday, they will be able to take advantage of a £300 discount on the reservation fee and a £100 discount on legal fees.

Both the fixed-rate and the tracker mortgage are available up to 95 per cent loan-to-value and have no higher lending charges.

The building society has also introduced a number of other changes to its mortgage products, including a maximum loan size of £500,000 for new customers and a loan-to-value limit of 90 per cent on fixed rate and tracker mortgages, other than the three-year fixes.

Matthew Carter, Nationwide's divisional director for mortgages, said: "As a building society it is important to us to support first time buyers who may be struggling to get onto the housing ladder."

The Council of Mortgage Lenders recently revealed that many first-time buyers are turning to their family for help with a deposit, following the disappearance of all 100 per cent loan-to-value mortgages from the market.
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