95% mortgage deals 'still available'

27-Feb-2008

With many lenders doing away with their high loan to value deals, first-time buyers may be pleased to learn that a leading lender has announced that it will continue to offer this kind of mortgage.

Nationwide has stated that this kind of deal is particularly suited to first-time buyers and that customers could benefit by around £3,210 by opting for its product over other lenders.

The group has pointed out that many lenders require a higher lending charge from customers who want to borrow more than 90 per cent of the property value for a mortgage, which means that borrowers wasted some £220 million in higher lending charges last year.

Matthew Carter, director of Mortgages at Nationwide, said: "Buying your first home is an exciting experience, which shouldn't be spoiled by paying more than you need to for your mortgage. We urge first time buyers to shop around and compare the cost of each deal before committing, it could make a big difference."

Elsewhere, Nationwide recently reminded landlords to be vigilant about declaring rental incomes.

Award for first-time buyer scheme First-time buyer couples 'have advantage'

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