Nationwide Building Society is offering products under the new MI New Home scheme, which launched on 12 September in Scotland.
The mutual is offering mortgages to those buying a new-build house or flat in Scotland, through a builder registered under the MI New Home mortgage indemnity scheme.
Products will be available via intermediaries at launch and Nationwdie supports the use of multi-user cells in order to give access to as many builders as possible.
Mortgages mirror those available under the existing NewBuy scheme for England, with rates including:
Three-year fixed rate available at 5.49% for house purchase (95% LTV), 5.39% for existing customers moving home
- £900 product fee, £99 booking fee (payable upfront and non-refundable) for house purchase and existing customers moving home
- £500 product fee discount for first-time buyers
- Product fee-free option available at 5.79% (5.69% for existing customers moving home), £99 booking fee will still apply
Five-year fixed rate available at 5.59% for house purchase (95% LTV), 5.49% for existing customers moving home
- £900 product fee, £99 booking fee (payable upfront and non-refundable) for house purchase and existing customers moving home
- £500 product fee discount for first-time buyers
- Product fee-free option available at 5.79% (5.69% for existing customers moving home), £99 booking fee will still apply
- Lending from 90.01% to 95% LTV on new-build homes for first time buyers and new and existing customers moving home.
“Nationwide is committed to helping people towards owning a home of their own, and is therefore pleased to support this new initiative,” said Tracie Pearce, Nationwide’s head of mortgages.
“We’ve already seen the NewBuy scheme in England making a real difference, by allowing buyers of new-build properties access to lower deposit mortgages than would otherwise be the case. For many, this can mean the difference between being able to purchase a home now, or not – and is yet another example of Nationwide being on your side.”
