Nationwide reduces price of fixed and tracker rate mortgages
Nationwide Building Society has announced that it is cutting the price of many of its fixed and tracker rate mortgages by up to 0.50%. This comes as welcome news as the banks and building societies have held what some have described as inflated rates.
With effect from 4 August 2009, will include the following:
For those buying a home:
Two year fixed rate available from 3.98% (up to 60% LTV)
- New customers can borrow up to 85% LTV
- Existing borrowers who are moving home can borrow up to 95% LTV
Three year fixed rate available from 4.58% (up to 60% LTV)
- New customers can borrow up to 85% LTV
- Existing borrowers who are moving home can borrow up to 95% LTV
Two year tracker available from 3.08% (up to 60% LTV)
- New customers can borrow up to 80% LTV
- Existing borrowers who are moving home can borrow up to 95% LTV
These products have a reservation fee of £896 and a booking fee of £99.
For those remortgaging:
Two year fixed rate available from 3.98% (up to 60% LTV)
- Remortgage customers can borrow up to 85% LTV
Three year fixed rate available from 4.78% (up to 60% LTV)
- Remortgage customers can borrow up to 85% LTV
Two year tracker available from 3.08% (up to 60% LTV)
- Remortgage customers can borrow up to 80% LTV
These products have a reservation fee of £896 and a booking fee of £99.
For those switching at the end of an existing Nationwide deal:
Two year fixed rate available at 3.79% (up to 95% LTV)
- Existing borrowers switching can borrow up to 95% LTV
Three year fixed rate available at 4.49% (up to 95% LTV)
- Existing borrowers switching can borrow up to 95% LTV
These products have a reservation fee of £995.
Two year capped tracker available from 2.99% (up to 95% LTV)
- Existing customers switching at the end of a Nationwide deal can borrow up to 95% LTV
- £999 reservation fee on loan sizes up to £149,999
- Capped at 3.99%
- Also available at 3.14% with a £1,499 reservation fee on loan sizes between £150,000. and £500,000, capped at 4.14%
Three year capped tracker available at 3.99% (up to 95% LTV)
- Existing customers switching at the end of a Nationwide deal can borrow up to 95% LTV
- £699 reservation fee on loan sizes up to £149,999
- £1,499 reservation fee on loan sizes between £150,000 and £500,000
- Capped at 4.99%
Andy McQueen, mortgage director at Nationwide, said: “We are cutting the price of selected fixed and tracker rate mortgage deals by up to 0.50% so our range offers even better value for new borrowers.
“We have a superb range of products for existing customers coming to the end of a Nationwide deal including two and three year fixed rates which are currently among the best in the market compared to remortgage deals offered by other lenders.
“For these borrowers, we also offer a choice of capped variable rate mortgages from as little as 2.99%. These mortgages are ideal for borrowers who are uncertain about how interest rates will move in the future as they provide assurance that the mortgage rate will not rise above a certain level.”
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