Mortgages  

Nationwide drops rates

Nationwide drops rates

Nationwide has reduced interest rates on its mortgage range by up to 0.30 per cent to target customers with lower deposits looking for fixed-rate deals.

For those with a 10 per cent deposit, its two-year fixed-rate products start at 3.34 per cent, with a £999 fee, while five-year fixed-rate deals start at 3.89 per cent.

Nationwide current account holders can tap into the Flexclusive four-year fixed-rate products, with the 90 per cent LTV with a £999 fee reduced by 0.20 per cent to 3.74 per cent.

Article continues after advert

All first-time buyers, regardless of product choice, will receive £500 cashback, in addition to any cashback given through its Save to Buy and Flexclusive deals.

Existing customers will get an additional 0.10 per cent discount on all new rates. Remortgage customers get a free standard valuation and either free standard legal work or £250 cashback.

Key Features

Three-year fixed rates

70 per cent LTV rate with a £999 fee reduced by 0.05% to 2.19%, no fee 2.49%

90 per cent LTV rate with a £999 fee reduced by 0.15% to 3.74%, no fee 4.04%

Five-year fixed rates

75 per cent LTV rate with a £999 fee reduced by 0.15% to 2.69%, no fee 2.89%

90 per cent LTV rate with a £999 fee reduced by 0.30% to 3.89%, no fee 4.09%

Flexclusive four-year fixed rates

75 per cent LTV rate with a £999 fee reduced by 0.05% to 2.54%, no fee 2.84%

90 per cent LTV rate with a £999 fee reduced by 0.20% to 3.74%, no fee 4.04%

Adviser View

Kevin Dunn, senior partner and mortgage adviser at Leicestershire-based Furnley House, said: “I am surprise that Nationwide has reduced its rates further when they are already sourcing really well. It is good news for brokers as they are renowned for offering a good service. On a recent purchase, the application to mortgage offer timescale was two working days.”