Getting the Best Mortgage Deal

by David Tamplin on 3 Dec, 2012

You won’t need a mortgage if your parents are extremely rich or you inherited a pile of money. For all the rest of us, you’ll definitely need a mortgage if you want to own your own home. Elsewhere on UK Money Market, we give advice on the best mortgage deals. In this article, however, we are looking closely at the Nationwide, who are the largest building society in the world, and what they can offer the first time buyer, their fixed mortgage rates and remortgages.

UKMM looks closer at Nationwide

Mortgage types provided by Nationwide’s team of specialist experts include First Time Buyer mortgages with special deals, Fixed-Rate mortgages with low deposit deals and remortgages. In addition to residential mortgages, Nationwide provide Buy to Let mortgages and Commercial Property mortgages for those in the business of making money from property. This article summarises the main details about the mortgages provided by Nationwide to its many customers.

First Time Buyer Mortgage

Nationwide categorises the first time buyer as the customer who has either never bought a property, or who has not bought a property in the last three years. Nationwide have a “Save to Buy” scheme for first time buyers. The scheme offers first time buyers a special savings account to save up 5% for their mortgage deposit. Once the mortgage is complete, customers are offered £1000 cash back as a reward. In addition, Nationwide helps first time buyers to navigate through the technical language and jargon surrounding mortgages, which can often be confusing, with interactive and PDF first time mortgage guides and personalised advice.

£500 discount for first time buyers

A £500 discount is offered on certain mortgage products for first time buyers. You can test the waters without speaking to someone initially by using their online mortgage calculator to see how much you could potentially borrow with your earnings and deposit.

Fixed Rate Mortgages

There are times when it is useful to know exactly how much money will be coming out each month in mortgage payments and this is where Fixed Rate mortgages come in.

For those on a tighter budget, Nationwide provides fixed rate mortgages with low deposit deals which can be fixed over two, three or five years, depending on your circumstances and requirements. To get a flavour of what could be on offer without speaking to anyone and committing to anything, again, you can use the mortgage calculator on the website to see how much you could borrow and to calculate your monthly payments if you went for certain mortgage deals. You can also compare different mortgage rates from different deals via their website so that you are armed with as much information as possible before speaking to an adviser.

Remortgages – up to 85%

Nationwide offers a range of mortgage deals that could save money on your existing mortgage if you have one with another company. The building society offers customers up to 85% of the value of their home, with free legal and standard valuation fees. You can apply online and with their handy mortgage calculator, you can work out what your expenditure could be with various deals.

Moving Home

Existing customers are afforded the privilege of being able to borrow up to 95% of the value of their home, as well as a choice of mortgage deals far superior to those offered to new customers. Deals are available for two, three, four or five years, depending on your requirements.

Commercial Property and Buy to Let

Nationwide offers a number of specialist deals for these types of customer. If you are interested in either of these two types of mortgages, it is advisable that you contact the Business or Buy to Let team respectively to discuss your options.

Nationwide are a member of the Council of Mortgage Lenders

About the Author

David Tamplin

David Tamplin has been writing for Uk Money Market for 3 years and is the current editor of the site. He has an insurance background and achieved his ACII professional insurance exams in 1993.