This month saw Nationwide Building Society launch a range of self-funded 95% mortgages, its first since 2008. (That is to say the limited 95% loans offered recently have been insured and backed by the Government Help to Buy 2 scheme).
In the past when lenders have launched 95% deals, you get the impression it’s for the headlines, rather than the actual lending. We have found that even the best customers in highly paid jobs have failed to pass the 95% score, and are offered a 90% deal instead.
Early signs however show that this doesn’t seem to be the case with Nationwide as Mortgage Required have submitted a number of successful 95% applications during September.
The products start at 3.99% which is extremely competitive and first-time buyers also receive £500 cashback when they move.
The lender says it has earmarked an additional £1bn in lending for the range over the next year, which firmly endorses their willingness to lend at this level.
Nationwide join The Principality, Santander, TSB, Woolwich, Clydesdale, Virgin, Accord and Halifax in this sector which shows lender confidence returning to the riskier end of the lending mortgage market.
For more information contact us or call 01628 507477 to speak to a mortgage adviser.
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