Nationwide Building Society yesterday announced details of its new fixed rate mortgages.
Following the reduction of 0.2% across all products, these are now the lowest fixed rates ever available from the Society. These new rates are available from August 21 and reflect recent movements in the money markets.
The products include a two year fixed rate available from 4.49%, a three-year fixed rate available from 4.89%, and a five-year fixed rate available from 5.09%.
Stuart Bernau, Nationwide executive director, says: “These are the lowest fixed rates that we have ever offered and they are available to all of our borrowers. Whether you are a first time buyer looking for the reassurance of fixed monthly mortgage payments or looking to remortgage to get a better deal, these mortgages really do offer excellent value. Unlike most other lenders, Nationwide makes these new mortgages available to existing borrowers so that they don't miss out on these historically low rates.
“With the ever increasing costs of buying a new home these rates will give borrowers the opportunity to keep their mortgage payments low for the first few years and, given our highly competitive base mortgage rate of just 4.74%, they will not get a nasty shock when the fixed rate period is over.”
All new Nationwide fixed rates allow borrowers the additional flexibility to overpay or underpay during the fixed rate period. Nationwide Building Society has withdrawn its current range of fixed rate mortgage products from close of business yesterday.