Cashback available for Nationwide mortgage applicants

Date:Monday 9th August 2010
Author: Susanna Kavka

Homeowners who switch their business over to a Nationwide mortgage could receive money back from their decision.

Martyn Dyson, head of mortgages at the firm, explained that first-time buyers can get a £500 product fee discount on some arrangements, while there is a cash incentive for some consumers.

He said: "Existing customers who take a new Nationwide mortgage when either moving home or switching at the end of their deal can receive £300 cash-back."

His comments were made after Nationwide revealed it had cut the interest rates on several of its home finance arrangements by up to 0.3 per cent.

Among the deals affected are fixed-rate and tracker deals available at up to 85 per cent loan to value, which the firm pointed out can be helpful for people with smaller deposits saved up.

Recently, Nationwide published its house price index for July, which showed that the average cost of a home had dropped by 0.5 per cent compared to the previous month to £169,347.