The Nationwide Building Society has made reductions across its fixed and tracker mortgage range.
All two-year fixed rates available up to 60% loan-to-value (LTV) will be cut by 10bps and those up to 70% LTV by 15bps for new applications.
The range includes the Society’s lowest ever fixed rate deal, plus there are now two fixed and two tracker rate products available for both new and existing customers below 2%.
New customers can access rates of 1.94% up to 60% LTV and 1.99% for those two year fixed and tracker products up to 70% LTV. An additional 10bps reduction is available on all rates for new applications from existing mortgage customers.
There are no rate increases.
Key highlights include:
New 1.94% two-year fixed rate up to 60% LTV with £900 product fee (1.84% for existing Nationwide mortgage customers)
- First time buyers pay a reduced product fee of £400
- Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback
- A non-refundable booking fee of £99 is payable on reservation
New 1.99% two-year fixed rate up to 70% LTV with £900 product fee (1.89% for existing Nationwide mortgage customers)
- First time buyers pay a reduced product fee of £400
- Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback
- Non-refundable booking fee of £99 is payable on reservation
New 2.29% three-year fixed rate up to 70% LTV with £900 product fee (2.19% for existing Nationwide mortgage customers)
- First time buyers pay a reduced product fee of £400
- Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback
- Non-refundable booking fee of £99 is payable on reservation
Nationwide is also reducing all 80% LTV mortgage rates by up to 30bps and all 75% LTV mortgage rates by up to 15bps. All two year and three year fixed rate 85% LTV and 90% LTV products will see a rate reduction of 5bps.
Tracie Pearce, head of group mortgages at Nationwide, said: “These reductions clearly demonstrate our commitment to supporting our customers, both new and existing and whatever the size of their deposit, offering consumer choice.
“We are making available to our customers a range of extremely competitive fixed and tracker rates at different LTVs. In particular, the reduction of two-year fixed rates available up to 60% LTV by 0.10% [sic] and 70% LTV by 0.15% [sic] means we are offering rates to both new and existing customers below 2%.”
