Nationwide launch a new best fixed rate mortgage deal for first-time buyers

One of the best fixed rate mortgage deals for first-time buyers has been launched by the Nationwide Building Society. The lender announced the product advising that it would prove very interesting and popular with first-time buyers looking to get a foot on the property ladder.

Hailed as potentially one of the best fixed rate mortgage deals for first-time buyers, the 90 per cent  loan to value product is available for borrowers at around 5.29 per cent and comes with a £900 fee. The deal offered is a 2 year fixed rate mortgage and for those who are in a position to make a 40 per cent deposit there will be a low interest rate of 2.99 per cent. A 5 year fixed rate mortgage deal is also to be made available for borrowers with a 30 per cent deposit.

In spite of the eurozone crisis the cost of many mortgage deals are falling, and the Nationwide has become the latest lenders after the Woolwich, Halifax and Skipton, to cut the cost of its new fixed-rate deals.

Commenting on the launch of the new deal, Mr. Dyson of Nationwide, said: “We are continuing our support for the housing market by extending our range of 90 per cent LTV mortgages to now include two-year fixed rate products. It means we offer a comprehensive fixed rate range at 90 per cent LTV including two, three and five year best fixed rate mortgage  deals, offering some of the best low deposit deals currently available.”