Product news

The Mortgage Works will be reducing rates by up to 0.25 percentage points across selected limited company buy-to-let and HMO products for existing customers. The new rates will be effective from tomorrow, Friday 15 August.

From today, Tuesday 12 August, homeowners who are looking for a new mortgage deal may benefit from enhanced affordability when applying to remortgage to Nationwide. That means that Nationwide will apply a different affordability calculation when eligible applicants take out a five or 10-year fixed rate product, which may enable them to borrow more.

The Mortgage Works is tomorrow (Friday 1 August) cutting rates on selected two and five-year fixed rate products across its mortgage range.

• Rate reductions of up to 0.21 percentage points on selected products for new and existing customers
• First-time buyers, home movers and those looking to remortgage will benefit from these latest cuts
• Nationwide's lowest rate now stands at 3.74%

• For first time buyers, rates start from 3.94%
• For new and existing customers moving, rates start from 3.81%

• Nationwide to increase maximum loan-to-value on new build houses to 95% LTV, including for first-time buyers
• Nationwide largest lender to offer up to 6 times’ income, and 95% LTV on new build houses via Helping Hand scheme
• Maximum LTV on new build flats to be increased to 85% LTV
• Mortgage offers on new builds will be extended to nine months – providing more certainty and flexibility for borrowers
• Nationwide calls for an increase to the limit on high loan-to-income lending to help 10k more first-time buyers

From today, The Mortgage Works is helping landlords to potentially borrow more by reducing its stress rate by 0.50% on new buy-to-let applications up to 65 per cent loan to value for:

• Five-year fixed rate terms, or
• Like for like remortgage (all fixed product terms)

• For new and existing customers moving, rates start from 3.90%

• Reduction in stress rates following FCA’s rule clarification allows applicants to borrow on average £28k more
• Change provides boost for all buyer types, notably for remortgage, making it easier to move to Nationwide
• Stress rates also cut for Helping Hand, helping more first-time buyers borrow up to six times income
• Comes as Nationwide continues to push for review of the Bank of England’s Financial Policy Committee Loan-to-Income flow limit to unlock the full potential of the rule clarification