Steven Marks, corporate development executive, said: “It’s important to cater for a cross-section of borrowers in order to ensure there is movement in the UK housing marketplace.
“Some FTBs need products that are competitive but available with small deposits. Then there is a large section of the market that is already on the housing ladder and have sizable deposits so are able to be more flexible with a variable deal.
“The Society is committed to offering competitive rates for as many different customers as possible and we anticipate that these new deals will prove popular.”
The NIS fees-free product is available on a two year term at a fixed rate of 5.99% (6.2% APR) and up to a max LTV of 95%. This is ideal for those trying to get on the ladder for the first time, have a small deposit and need to minimise purchase costs.
A fee free product is also available at a LTV of up to 80% and is also fixed for two years at 3.52% (5.6% APR).
Meanwhile, for customers with a larger deposit - they can take advantage of the low Bank of England Base Rate (BBR) with the Society’s Base Rater Tracker product currently at 2.75% (5.7% APR) above BBR. This is available at a LTV of up to 80% and importantly comes with no early repayment charge, allowing customers future flexibility if rates change.
Alternatively, for those who want the peace of mind that comes with a fixed rate deal but have a larger deposit, then the two year fixed product may suit them. It’s available at a rate of competitive rate of 2.99% (5.7% APR) and a max LTV of 80%.
The deals are available on a semi exclusive basis to L&G, First Complete, Pink, Openwork, Intrinsic, and Brilliant Solutions.
