Nationwide mortgage NewBuy deals.
Nationwide mortgage deals launched for the NewBuy scheme are available to customers through more broker channels such as Deal Direct, compared to those deals launched by Barclays and Natwest.
The Nationwide mortgage NewBuy range includes 3 and 5 year fixed rates offered at 95 per cent loan-to-value.
The 3 year fixed rate mortgage is offered at a rate of 5.69 per cent and comes with a £99 booking fee and a £900 product fee. For first time buyers the lender advises that the product fee will be reduced to £400. A fee free version is also available offered at 5.99 per cent.
A 5 year fixed rate mortgage is offered at 5.99 per cent, products fees are as per the 3 year fixed deal and are a total £999 for existing home-owners and £599 for first time buyers. A fee free version of this product is also available and offered at 6.19 per cent.
When deciding whether a lower rate and higher fee or higher rate and lower fee is desirable it is important to work out the total costs over the mortgage term in order to give a fair comparison. Lower fees may save a little on the upfront mortgage costs but long term the deal could end up costing more.
A limited number of other lenders also offer NewBuy deals. NatWest, Barclays and Nationwide mortgage deals were launched last month specifically for the government’s NewBuy Guarantee scheme. Lloyds are planning to launch NewBuy products on April 16 and Santander say they are working out distribution details but plan to launch a product some time in May.
Contact us by filling in our enquiry form or you can simply telephone 0800 048 8828 and let our skilled mortgage advisers do the rest.
