Nationwide mortgages set to change

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Nationwide mortgages set to change

Nationwide Building Society is to make some changes to its mortgage range so that first-time buyers are offered a better deal.

From next month a new set of Nationwide mortgage will be introduced and existing customers looking to remortgage will have to pay higher rates than new customers planning to buy a home.

The moves comes as something of a u-turn for Nationwide, whose previous mortgage policy meant that new and existing customers were given access to the same deals.

But the building society claims the soaring cost of property in the UK is hampering the efforts of many first time buyers to get on the housing ladder, and its new policy is designed to help them.

Stuart Bernau, Nationwide's executive director, said: "By making these changes we will achieve greater flexibility and will be better placed to offer all our mortgage customers exactly what they want.

"We always aim to give outstanding value to all our members. These changes enable us to offer really competitive mortgage deals to customers whether they are changing home, changing lender or changing their deal.

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