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Good rate on mortgage for land

Date: Fri, 28 Oct 2005

The Nationwide building society has promised to offer lower mortgage repayments or pay out £150 to applicants for its various mortgage products.

The building society claims that it will be able to match or lower a homeowner's existing payments has promised lower mortgage payments than its mains rivals - Halifax, Abbey, C&G, Woolwich, HSBC, Natwest and Northern Rock.

The £150 refund will be offered to any applicants who do not qualify for a better rate with Nationwide on a range of its home loans including mortgage for land or self-build projects.

"In a mortgage price war, the winners are those who look for a competitive rate with low fees, and charges and a lender who treats them fairly at the end of the deal - with Nationwide, you don't have to sacrifice one for the other," said Stuart Bernau, Nationwide executive director.

Mr Bernau added that annual savings of up to £1,500 could be made on a £100,000 mortgage.

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