Computer says yes! with Nationwide

by Mark Johnston

Although people have heard of nationwide; its more likely that it’s for their history of sponsoring the English football league rather than their range of mortgages. The Nationwide has recently moved away from football sponsorship, and is instead being fronted by comedy double act; David Walliams and Matt Lucas. The well known pair from Little Britain have re-launched Nationwide but Mortgagerates.og.uk are wondering whether the flashy campaign is getting the message across. Here we take a closer look at some of the exclusive deals that Nationwide are offering.

Nationwide building society started its life back in 1846 so it no spring chicken, and is the largest building society of its kind in the world. The building society has 750 branches throughout the UK and has over a million members.

The Nationwide offers a massive range of mortgages; servicing different borrower’s needs. Whether it’s a 90% LTV, tracker, fixed or variable rate; it seems Nationwide has it covered.

Nationwid’s latest deal is their ‘Protector’ mortgage; aimed at borrowers who are concerned about their jobs and future earnings in an unpredictable climate. The ‘Protector’ mortgage has two free years of payment protection insurance for your peace of mind. The mortgage is only available to borrowers who have Nationwide’s FlexAccount; but is open to first time buyers, new customers and existing customers alike. The mortgage is a 2 year fixed rate loan at 5.98%; this then reverts back to Nationwide’s Standard Mortgage Rate (SMR) which is currently 3.99% variable. The overall cost for comparison is 4.7% with a product fee of £396 and a non refundable booking fee of £99. The good news is that this is available for 85%-90% loan to value mortgages.

Nationwide’s other deal; the flexible mortgage offers plenty of flexibility if you’re unsure of what position you’ll be in the future The mortgage also offers reduced up-front costs to help those with limited resources to get onto the property ladder. Again, this offer is only for FlexAccount customers, but comes with a worthwhile range of benefits. The ‘Flexible’ mortgage has no early repayment fee; unlimited overpayments are allowed, and even underpayments are permitted once you have built up a reserve through overpayments. The reduced upfront fees also make this deal very attractive. There is currently no product fee, free legal fees and free valuation. A £99 upfront booking fee still applies. This is a 5 year tracker with a loan to value of between 85%-90%

The building society is also offering a £300 cashback to further tempt borrowers in. The offer applies to existing mortgage customers who take another Nationwide mortgage when either moving home or switching at the end of their deal and is payable per application within one month of completion of the new mortgage.

These are interesting new offers with some great features. You just need to remember that to get these offers you need to have a FlexAccount. The account is subject to eligibility so there is no guarantee that you’ll be able to take advantage of these new offers. To get the account you need to deposit at least £750 into the account each month and transfer all your direct debits, standing orders and bill payments. In a nut shell you just need to have your main bank account (current account) with Nationwide to take up their offer. If you are happy with moving your accounts then these offers are certainly something to consider.

Whatever you are looking for; lets hope that unlike David Walliams and Matt Lucas; if you do choose to take your mortgage with Nationwide its ‘Computer says yes’!

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