Nationwide cuts fixed rates

Nationwide cuts fixed rates

The Nationwide Building Society has cut rates on a number of two, three and five-year fixed rate mortgages by up to 0.10 percentage points.

All mortgage rates in the two-year fixed product range, up to 95% loan to value (LTV), have been reduced. The 60% LTV two-year fixed rate product now starts at 1.29% with a £999 fee and 1.69% with no fee. For those with a 5% deposit, predominantly first time buyers, rates have been reduced to 4.09% with a £999 fee and 4.49% with no fee.

Selected three-year fixed rates at up to 80%, 85% and 95% LTV have been reduced by 0.10 percentage points. Rates at up to 85% LTV now start at 1.74% with a £999 fee and 2.04% with no fee, and rates at 95% LTV have been reduced to 4.39% with a £999 fee and 4.69% with no fee.

Also reduced are selected five-year fixed rate mortgages, with the five-year fixed rate product at up to 80% LTV now starting at 2.09% with a £999 fee and 2.29% with no fee.

Existing mortgage customers benefit from a 0.10 percentage point discount on the new customer rate. All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Remortgage customers are able to benefit from a free standard valuation and a £500 cashback for legal work.

Henry Jordan, Nationwide’s director of mortgages, said: “We are reducing selected rates across the fixed rate product ranges, including for those with both large and small deposits. As well as offering a wide range of competitive mortgage rates, Nationwide also offers additional benefits to first time buyers, home movers and those remortgaging to the Society.”