Nationwide has today announced that it is to cut rates on certain fixed rate mortgage deals, namely at 85 and 90% LTV. This includes 5 and 10 year fixed-rates, which will be reduced by up to 0.45%.
In fact, reductions are to be made on a range of 2,3,5 and 10 year fixed rate deals, with rates for those with a 10% deposit beginning at 2.99% for a 2 year fixed rate, with a £999 fee.[1]
Cuts
For buyers able to raise a 15% deposit, rates begin at under 4% for 10 year fixed-rate products and 2.04% for the 2 year fixed rate deal. Both come with a £999 fee.[1]
Moreover, there are reductions to selected deals in the Flexclusive range, which are available to consumers with a Nationwide current account. The 4 year fixed rate mortgage deals, with a deposit of 15%, begin at 2.94%.[1]
Just last week, the building society launched a new range of fixed rate 95% LTV mortgage deals, beginning at under 4%. These products are removed from any scheme, such as Help to Buy and are available to both first-time buyers and home movers. This was the first time that Nationwide has offered 5% deposit mortgages that are not conjoined with any scheme to all customers since 2008. In addition, the new mortgage deals will be offered through brokers and directly through Nationwide themselves.[1]
Competitive
Henry Jordan, Nationwide’s Head of Mortgages, commented, ‘following the launch of Nationwide’s new range of mortgage products for those with a 5% deposit, we are now reducing rates for those with slightly larger deposits of 105 and 15% who are looking for competitive rates and payment security over the short, medium and longer term.’[1]
‘First-time buyers will also continue to qualify for a £500 cashback irrespective of which product they choose. This is in addition to the benefits available on the Flexclusive range of mortgages, including £250 cashback or the option of free valuations and legal fees,’ Jordan added.[1]
[1] http://www.propertyreporter.co.uk/finance/nationwide-announces-cuts-to-ftb-fixes.html