Contractor friendly lender Nationwide have launched a fresh range of 5% deposit products, outside of any current or existing government schemes.
The UK’s largest building society are committing to an additional £1 billion of new lending over the next 12 months.
Richard Napier, Nationwide’s Director of Mortgages and Savings, said: “We are aiming to help aspiring homebuyers with smaller deposits to secure a home of their own.”
Nationwide recently opened its criteria up to those working on fixed-term contracts. The building society will consider contractors from any sector and base affordability calculations using contractors’ daily or hourly rates, allowing maximum borrowing. There is also no minimum income requirement.
“Until now, there were very few options for contractors with smaller deposits” said Taj Kang, Business Development Director at specialist broker Contractor Mortgages Made Easy.
“Now, not only will Nationwide lend against current contract rate, they can also support contractors with a 5% deposit. Now, there really are very few circumstances for contractors where we cannot help.”
With almost 4 in 5 first time buyers choosing intermediaries to help find the right mortgage, now is a better time than ever to discuss your mortgage requirements with a Senior Mortgage Consultant.
For first time buyers with a 5% deposit Nationwide offer interest rates as low as 3.99% fixed for 2 years with a product fee of £999 with £500 cashback and £0 booking fee.
In addition, Nationwide have recently reduced their Fixed rates at 85% and 90% LTV by up to 0.45%.
Are you a first time buyer with a 5% deposit? If you would like to know if you are eligible for Nationwide’s products please contact us on 01489 555 080 and a Senior Mortgage Consultant will be able to help to establish your eligibility.
Article By: Bradley George, Senior Mortgage Consultant at Contractor Mortgages Made Easy
Media Contact: Raman Kaur, Public Relations Manager
Tel: 01489 555 080