How much can I borrow with a Nationwide mortgage?
The amount Nationwide will be willing to lend you will come down to your income, expenses, the value of your property and your credit history. If you’re not sure where to start, using an online mortgage calculator will give you a rough budget to work with when property hunting. If you’re able to apply for a joint mortgage with a partner, friend or family member that also has an income, this could enable you to borrow more money to buy your new home.
What size mortgage deposit will I need with Nationwide?
This ultimately comes down to the value of the property you want to buy. Nationwide offer 95% mortgages to help you buy your first home or simply your next home, meaning you’d only need a 5% deposit. However, it is worth bearing in mind that the larger the deposit you put down, the better the rate you could potentially be offered.
Nationwide also offer a number of Affordable Ownership Schemes for those who are struggling to get together enough money for their mortgage deposit. These include:
- Help to Buy
- Shared ownership
- Right to Buy
- Forces Help to Buy
Can I switch to a new deal if I’m already a member?
Yes, you could potentially switch to a new deal if you’ve already got a Nationwide mortgage in order to reduce your monthly repayments. You could also choose a new fixed rate option to keep your monthly repayments the same for the term of the agreement. There are lots of Nationwide remortgage products available so you can find one that’s right for you.
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