Nationwide Building Society has overhauled its approach to further advances.

From 9 September 2011, Nationwide will offer further advances of £25,000 or more. It says they will be aligned to the Society’s core mortgage rates, representing a reduction of 0.80 percentage points.

The further advances will be available either with a £900 or £0 product fee, each product has a £99 non-refundable booking fee.

Further advances of between £5,000 and £24,999 will come with no product fees. Each product has a £99 non-refundable booking fee.

Martyn Dyson, head of mortgages at Nationwide, said: “We believe our new approach will ensure our deals continue to be among the most competitive in the market place