Nationwide cuts fixed rates and launches tracker

Nationwide is cutting its fixed rate mortgages by up to 0.20%.

On Tuesday it is reducing its two, three and five-year fixes for new borrowers, remortgagors and existing borrowers who are switching at the end of their current deal

The society will also launch a new tracker mortgage range including two and three-year mortgage deals.

In addition to this, Nationwide is making some changes to its further advance mortgage range, including a new low fee product suitable for smaller advances.

Andy McQueen, mortgage director at Nationwide, says: “We are increasing our mortgage product range with the re-launch of a two year tracker and a new three year tracker for those customers who are looking for a longer term tracker deal. We are also cutting the price of our fixed rate mortgage deals.

“Our two year fixed rate is available from 3.98%.

“In response to customer demand, for those borrowing smaller amounts in the form of a further advance, we have introduced a new lifetime tracker with £195 fee. Borrowers now have the choice between fixing their rate and having a longer term tracker product.”