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Nationwide: Don't believe the hype

Building society Nationwide has responded to recent reports that it is to now require homebuyers to provide a 25 per cent deposit in order to gain access to its best rates.

Although the firm stopped short of an outright denial of the press stories, it did suggest that competitive rates could be had for a deposit of just five per cent.

Currently, it offers a two year fixed rate at 95 per cent loan to value at 6.45 per cent - and a two year tracker for 6.18 per cent.

Although neither of these rates tops the best buy tables, they are comparable to those offered by other major providers such as Halifax and Abbey.

Director of mortgages at Nationwide Matthew Carter commented: "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.

"We urge first time buyers to shop around and compare the cost of each deal before committing, it could make a big difference."

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