The first-time buyer mortgage is a 2-year fixed rate at 5.59% up to 90% loan to value on purchases. It has no fee and £250 cashback available only to intermediaries in NIS’s corporate range of networks and clubs.
Also in its corporate range NIS will reduce the rate on its 2-year fixed rate 90% LTV purchase mortgage to 5.59% from 6.09% and is cutting the rates on its 5-year fixed rate 60% LTV purchase and remortgage products to 3.99% from 4.19%.
In its core range available to all intermediaries, NIS will reduce the rate on its 5-year fixed rate at 90% LTV purchase mortgage to 6.09% from 6.29%. It will also cut rates on its 2-year fixed rate 80% LTV purchase and remortgage products to 3.79% from 4.09%.
On its 2-year fixed rate 95% LTV purchase and remortgage products to 4.39% from 5.19%.
Mark Bullard, head of sales at NIS, said: “We have actively supported the first-time buyer market having retained 90% LTV products for the intermediary market, as well as accepting applications from the government-backed shared equity schemes, including the new FirstBuy scheme.
“Having spoken to our corporate partners about the products that are likely to appeal to their clients who are first-time buyers, I am delighted to be able to announce the launch of our new cashback mortgage to accompany the rate reductions on our other higher LTV products.”
NIS’s corporate range is available only to intermediaries who are members of Countrywide, Sesame/PMS, Connells including the Pink Group and BDS, Personal Touch, Legal & General Mortgage Club, Openwork/Your Move, Mortgage Next/Mortgage Intelligence, Home of Choice, Simply Biz, Concordia, Positive Solutions and Intrinsic.
