"We are extending the choice of Nationwide tracker mortgages to include a five-year option, responding to customer demand and a growing market for more flexible products."
From tomorrow, Nationwide is launching new five-year tracker mortgage products.
Rates for the 60% LTV tracker start at 1.89% with a £999 fee. There is also a 70% LTV tracker at 2.09% and a 75% LTV at 2.19%.
All Nationwide tracker mortgage products currently have no Early Redemption Charges. Existing mortgage customers benefit from a 0.10% discount on the new customer rate, as well as a £250 cashback for mortgage customers switching to a new deal or moving home.
The launch is one of a series of recent measures taken by the Society to increase choice and flexibility across the mortgage range. These include the introduction of 95% LTV tracker products and increasing the maximum LTV for customers remortgaging from other lenders to the Society on a like-for-like basis from 85% LTV to 90%.
Additionally, 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 the choice between free standard legal work and £250 cashback.
Henry Jordan, Nationwide’s Head of Mortgages, said: “We are extending the choice of Nationwide tracker mortgages to include a five-year option, responding to customer demand and a growing market for more flexible products. This will be particularly useful for those with larger deposits looking for a product that provides maximum flexibility with no limit on overpayments.
“With the combination of competitive rates and access to additional benefits, Nationwide will continue to offer mortgage deals that are amongst the best on the high street.”