Mortgages -
Nationwide hits back at '25% deposit' reports - 27/02/2008
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Building society Nationwide has responded to claims that it would require a 25 per cent initial deposit from homebuyers in order for access to its best rates.
Several newspapers had made the suggestion earlier this week, saying that the move had been made as a result of the credit crunch.
However, Nationwide said today that some of its 'best deals' were offered to first time buyers who could put up just a five per cent deposit - although it stopped short of a denial of the 25 per cent 'best rate' requirement.
The firm currently offers a two year fixed rate on 95 per cent loan to value at 6.45 - and a three year fix at 6.18 per cent.
Matthew Carter, director of Mortgages at Nationwide, said: "Nationwide's mortgages continue to offer excellent value for first time buyers and those looking to borrow up to 95 per cent of the value of their property.
"Buying your first home is an exciting experience, which shouldn't be spoiled by paying more than you need to for your mortgage - we urge first time buyers to shop around and compare the cost of each deal before committing, it could make a big difference."
Nationwide is the UK's fourth-largest mortgage provider.
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