Nationwide Offers New Mortgage Deals for First Time Buyers
Nationwide is planning to launch a range of new mortgages to help first itme buyers, the group most affected by the recent credit crunch.Nationwide has said it plans to cut arrangement fees for first time buyers. For instance, for those with just a 5% deposit, the arrangement fee on a 3 year fixed rate of 6.45% will be £299. Most lenders are currently charging closer to £1,000 for new mortgages, while others are charging up to £1,500.
It should also be noted that many lenders are no longer offering 95% mortgages. The Woolwihc, C&G and Northern Rock all require a deposit of at least 10%. Other banks chanrge a higher arrangement fee for those with a low deposit.
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