Nationwide Building Society has recently announced that it is offering 95% mortgage lending on flats. This is great news for prospective homeowners who may have previously been unable to purchase a flat due to the high deposit requirements.
Nationwide is the UK’s largest building society and is well-known for its competitive mortgage rates. The new 95% mortgage lending on flats is a great way for people to get onto the property ladder without having to save up a large deposit. This could be particularly beneficial for first-time buyers who may not have the savings to cover the traditional 20% deposit.
The 95% mortgage lending on flats is available to both existing Nationwide customers and new customers. The loan-to-value ratio (LTV) of 95% means that borrowers will only need to provide a 5% deposit. This could be a great opportunity for those who are looking to buy their first property but don’t have the savings to cover a larger deposit.
Nationwide is also offering a range of other mortgage products, including fixed-rate mortgages and tracker mortgages. The fixed-rate mortgages are particularly attractive as they offer borrowers the security of knowing that their monthly payments will remain the same for the duration of the loan.
Nationwide’s 95% mortgage lending on flats is a great way for prospective homeowners to get onto the property ladder without having to save up a large deposit. This could be particularly beneficial for first-time buyers who may not have the savings to cover the traditional 20% deposit. It is important to remember, however, that borrowers should always consider their financial situation carefully before taking out a mortgage and ensure that they can afford the monthly payments.