Nationwide offers loyalty deal for new buy-to-let homemovers
A new initiative has been launched by Nationwide Building Society for customers who are changing their current property to a buy-to-let through The Mortgage Works (TMW), while seeking to buy a residential property to live in themselves.
Since 3rd June 2015, new buy-to-let products were launched by TMW: customers are now able to apply for a buy-to-let mortgage on their current property through TMW, while at the same time apply for a residential mortgage on their new property through Nationwide. This is the first time that the building society has offered a dual-branded mortgage product.
Customers that take advantage of these two new mortgage products with be rewarded with £250 loyalty cashback. This scheme, which follows several changes to how landlords conduct business with the potential scrapping of wear and tear and tax relief cuts, shows that there are still plenty of reasons to own a buy-to-let property. This is exceptionally important in a time when landlords are beginning to question the benefits of buy-to-let, potentially planning to reduce the size of their portfolios.
Paul Wootton, Head of Specialist Lending at Nationwide, commented on the scheme saying that it would make it easier and more flexible for Nationwide customers to secure two separate types of home loans, thus making it more straightforward for people who want to change their place of residence while turning their existing property into an investment. Mr Wootton believes that the cashback scheme can help people when it comes to paying the legal costs that can arise from completing two concurrent mortgages.
Customers will also be able to apply for a new residential mortgage of up to 85% loan to value (LTV) when they apply for a TMW let to buy loan. These new loyalty products are only available through intermediaries, but will be offered to new and existing Nationwide customers.
The TMW let-to-buy products available to these customers are:
- 2 year fixed rate with £995 fee, available up to 65% LTV at 2.99%;
- 2 year fixed rate with £995 fee, available up to 75% LTV at 4.09%;
- 5 year fixed rate with £995 fee, available up to 65% LTV at 3.99%;
- 5 year fixed rate with £995 fee, available up to 75% LTV at 4.49%.
All of these products come with a free valuation and £250 cashback, while existing Nationwide mortgage customers will be eligible for a 0.10% loyalty discount.
If you are looking to buy a property in Cardiff, either as a buy-to-let investment, or as a new residential home while converting your current property to a buy-to-let, CPS Homes can help. We have a range of properties available in the Cardiff area, including Cathays, Cardiff city centre and Cardiff Bay. For more information, visit our website, contact us, or visit us at one of our offices in Cardiff Bay, Cathays or Roath. In the meantime, have you read up on the changes coming with Rent Smart Wales this autumn?
The information contained within this article was correct at the date of publishing and is not guaranteed to remain correct in the present day.
