Mortgages  

Nationwide reduces mortgage rates

Nationwide reduces mortgage rates

Nationwide is reducing selected fixed, tracker and shared equity rates by up to 0.35 per cent from tomorrow (14 October)

The two-year 60 per cent loan-to-value (LTV) fixed rate product now starts at 1.34 per cent with a £999 fee, which is Nationwide’s lowest-ever fixed rate, and 1.74 per cent with no fee.

The three-year fixed rate mortgage deals start at 1.64 per cent with a £999 fee and 1.94 per cent with no fee. 

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Selected five-year fixed rates and tracker products for those with larger deposits have also been reduced.

In addition, both two-year and five-year fixed rates in the shared equity range, covering all schemes including the Help to Buy Equity Loan scheme, have been reduced. 

Rates for the 60 per cent LTV shared equity product are reduced by 0.35 per cent to 1.54 per cent with a £999 fee and 1.94 per cent with no fee, while the five-year fixed rate product have also been cut by 0.35 per cent to 2.29 per cent with a £999 fee and 2.49 per cent with no fee.

Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback. 

Existing Nationwide mortgage customers receive a £250 cashback when switching to a new product or moving home, in addition to continuing to benefit from a 0.1 per cent discount on new customer rates.

Steve Olejnik, head of sales at Sevenoaks-based Mortgages for Business, said it was hard to imagine how residential mortgage rates could go any lower than they are at the moment.

Mr Olejnik said: “These rates are extremely competitive.”

emma.hughes@ft.com