The new 10 year fixed rate deal, available at up to 60% LTV, is reduced by 0.55% to a rate of 2.94% for new mortgage customers, and 2.84% for existing mortgage customers. This comes with a £999 product fee, reduced to £499 for first time buyers. Remortgage customers benefit from free standard valuation and the choice between free standard legal work or £250 cashback.
As part of a broad range of reductions for those looking for payment security with longer term fixed rates, 5 year fixed rate deals have also been reduced by up to 0.40%, with rates starting from 2.44% for new mortgage customers.
A wide range of 2 and 3 year fixed deals have also been reduced. The 2 year fixed rates now start at 1.74% for new mortgage customers and both 3 year fixed rates and the 4 year fixed rate Flexclusive deals, available only to Nationwide’s main current account customers, both now start at 2.24%.
Existing mortgage customers benefit from at least an additional 0.10% discount on all new customer rates, with 2 year fixed rates for existing customers now starting at 1.64% - Nationwide’s lowest ever fixed rate.
Key highlights include:
-New 2.94% ten year fixed rate up to 60% LTV with £999 product fee (2.84% for existing customers).
- New 2.44% five year fixed rate up to 60% LTV with £999 product fee (2.34% for existing customers).
- New 1.74% two year fixed rate up to 60% LTV with £999 product fee (1.64% for existing customers).
Nationwide also continues to offer its Loyalty Rate Mortgages initiative, which compares the Society’s mortgage rates for existing customers with those of its top six high street competitors and guarantees to offer the lowest comparative rate for those looking for a new deal.
The Loyalty Rate Mortgages changes are as follows:
- Two year fixed rate at 90% LTV 2 year fixed rate with £999 fee reduced by 0.20% to 3.34%.
- Two year fixed rate at 90% LTV with no fee reduced by 0.20% to 3.74%.
- Five year fixed rate at 80% LTV 5 year fixed rate with £999 fee reduced by 0.20% to 3.14%.
- Five year fixed rate at 80% LTV with no fee reduced by 0.20% to 3.34%.
Richard Napier, Nationwide’s Director of Mortgages and Savings, said:
“There has been a growing trend of customers opting for longer term fixed rates to ensure certainty of monthly mortgage payment, particularly ahead of any rise in interest rates, with the recently-introduced 10 year fixed rate mortgages proving a popular addition to the range .This competitive range of new fixed rate mortgage deals is likely to appeal to both first time buyers and those looking to remortgage by ensuring longer term security of mortgage payments.”
