Discounts from Nationwide

FORMER home owners now in rented accommodation who are hoping to get back into the housing market are being offered discounted mortgages from Nationwide Building Society.

Homebuyers who took out their last mortgage with Nationwide and are now renting can claim a discount of one percentage point, while people who borrowed from another lender are entitled to a discount of 0.5 points for the first year. All borrowers are entitled to a year's free Mortgage Payment Cover.

Nationwide sees the package as ideal for those who choose to rent while they find a new house. The package was launched after feedback from borrowers who found they were unable to take advantage of discounts while renting.

The society stresses that it would be unlikely for the package to be offered to people whose homes had been repossessed.