As part of the changes, Nationwide has increased its fees across its fixed rate and tracker mortgages, and has also taken the decision to change the loan-to-value (LTV) attached to its remortgage range.
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Announcing the changes to the lenders LTV, a spokesperson at Nationwide, said; "We have listened to the feedback of brokers when making this change and increasing our LTV brings us into line with the majority of the industry. Quality, however, still remains our key priority. Our arrears performance is amongst the lowest in the industry and proves that this approach works for us and for our customers."
Changes to its product range include an increase to its Home Mover and remortgage additional borrowing ranges.
Its two-year fixed rate home mover rate, with a £499 fee has been made available from 5.68 per cent, while its two-year fixed rate with no fee is available from 6.08 per cent. As part of its remortgage and additional borrowing ranges, its five-year fixed rate deal, including a £499 fee is available form 5.78 per cent, while the lifetime range, with no fee has a rate of 5.94 per cent.
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Peter O’Donovan, mortgage manager at Bestinvest, said: “Increasing the LTV definitely adds competition to the market. Most lenders cap at 90 per cent and the increase should appeal to borrowers who were initially on 100 per cent deals, who want to remortgage early”
