26-02-2008
Moneysupermarket comments on Nationwide lending decision
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Moneysupermarket.com has confirmed its lack of surprise at Nationwide's recent mortgage deposit decision.
Following the decision of Nationwide to increase the deposit requirements for its mortgages with the best rates, Moneysupermarket.com has suggested that the lender's decision was somewhat inevitable. Moreover, the comparison website has noted that similar restrictive lending practices have already appeared within the buy-to-let mortgage sector.
"It was only a matter of time before more of this happened. Northern Rock, understandably, has already taken this approach and Nationwide has now followed suit, but it definitely won't be the last to do so," said Moneysupermarket.com.
Under the terms of Nationwide's new strategy, the best mortgage rates are only available to those with deposits of at least 25 per cent of a property's value. An earlier policy allowed borrowers to attract the most attractive interest rates with a deposit of at least ten per cent.
Nationwide is the world's largest building society.