Nationwide cuts fixed and tracker rates

Nationwide cuts fixed and tracker rates

Nationwide is reducing fixed-rate mortgages across the range, as well as two-year tracker rates, by up to 0.25 per cent.

The reductions are being made on a range of two, three, five and 10-year fixed-rate deals.

For those seeking a decade of payment security, there are sub 3 per cent rates for the 10-year fixed rate, which now starts at 2.99 per cent, with a £999 fee for up to 70 per cent loan-to-value (LTV) products.

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Rates for the five-year fixed rate start at 2.19 per cent for the 60 per cent LTV product, also with a £999 fee.

For those with smaller deposits, the two and three-year fixed-rate products at 95 per cent LTV have been reduced, with the two-year starting at 3.89 per cent and the three-year starting at 4.39 per cent, both with a £999 fee.

All mortgage valuations are now fee-free, while first-time buyers are able to access a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a mortgage with the lender are also eligible for an additional £250 cashback.

Existing mortgage customers continue to benefit from a 0.10 per cent discount on new customer rates.

It offers a core range for all mortgage applicants, while remortgage customers are able to borrow up to 85 per cent LTV, with free standard valuations and the choice between free standard legal work or £250 cashback.

Adviser Verdict

Lea Karasavvas, managing director at Prolific Mortgage Finance, said it was nice to see Nationwide continuing to support the 10-year rate and at less than 3 per cent it represented “exceptional value”, particularly for those 10 years away from retirement.