The Nationwide Building Society is to unveil tomorrow (4 March) the lowest 10-year fixed rate mortgage on the market.
It will also launch new deals for borrowers with small deposits and make a range of rate cuts of up to 65bps to its fixed rate loans.
The Society is now offering its lowest-ever three and five-year fixed rates, starting from 1.99% for new customers. In addition, borrowers with only a 5% deposit will see reductions on Nationwide’s Save to Buy rates, with the two-year rate with a £999 fee cut by 45bps to 3.99%.
A series of two, three, five and 10-year fixed rate deals have been reduced across a range of LTVs. At 60% LTV, Nationwide has launched its lowest ever three and five-year fixed rate deals, with the three-year fixed rates now starting below 2% and five-year fixed rates starting at 2.34%.
The new headline 10-year fixed rate deal, available at up to 60% LTV, is reduced to a rate of 2.89% for new mortgage customers, and 2.79% for existing mortgage customers.
In addition, the Flexclusive four-year fixed rate at up to 60% LTV has been cut to 2.14%, a deal only available to Nationwide main current account holders.
A rate discount of 10bps for existing mortgage borrowers is applied to all new loan deals. Remortgage customers benefit from free standard valuation and the choice between free standard legal work or £250 cashback. First time buyers pay a reduced fee of £499.
Richard Napier, Nationwide’s director of mortgages and savings, said: “This new range of fixed rate mortgage deals ensures Nationwide remains competitive, including for those with smaller deposits. They are designed to appeal to both first time buyers and those looking to remortgage, offering certainty of mortgage payments while interest rates remain at a historic low.
“Nationwide continues to cater for customers looking for attractive low rates on longer term fixed rate deals, including a 10-year fixed rate mortgage that is now at an all-time low. We are also responding to customer demand for higher LTV products, such as our Save to Buy mortgage deals for customers with a 5% deposit, with a two-year fixed rate now under 4% and an offer of up to £1,000 cashback.
“Across a wide range of requirements, we are helping mortgage customers to access great value deals to match their particular needs.”