Nationwide Building Society has introduced a new mortgage deal that has been hailed as "outstanding" by financial experts at Moneyfactscompare.co.uk. The product, a two-year fixed rate mortgage at 95% loan-to-value, has earned a spot on the 'Best Buy' tables following a rate reduction of up to 0.36%.
Key Features of the Nationwide Deal
Personal Finance Analyst Caitlyn Eastell highlighted the deal as the Pick of the Week. She noted that the mortgage now carries a competitive rate of 5.42%. First-time buyers, in particular, may benefit from a generous incentive package that includes a free valuation and £500 cashback. Additionally, those with qualifying green properties could receive up to an extra £500.
Borrowers also have the flexibility to make overpayments, which can shorten the overall loan term, and underpayments are permitted subject to approval, provided overpayments have been made previously. The product has been awarded an Outstanding Moneyfacts product rating.
Other Featured Products
Eastell also examined other financial offerings. In the savings category, Kent Reliance's one-year fixed rate bond issue 31 stood out. The bond now pays 4.71% AER, taking the market-leading position. Savers need to deposit at least £1,000, and further additions are allowed for 14 days from account opening. Interest can be paid annually or monthly, but early access is not permitted.
For buy-to-let mortgages, NatWest's five-year fixed rate mortgage at 60% loan-to-value was highlighted. The deal charges 4.83% until July 31, 2031, with a £995 product fee offset by a free valuation incentive. However, it is only available online.
Finally, the Virgin Money Dual Credit Card Mastercard was noted for its increased introductory 0% purchase and balance transfer terms of 20 months. The balance fee is 2.95%, and the card offers rewards via the Virgin Red app, though the APR rises to 24.9% after the introductory period.
