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Nationwide launches five-year fix at 3.89%

Nationwide is offering a best buy five-year fixed rate mortgage at 3.89% available up to 70% LTV after reducing the majority of its fixed and tracker deals by up to 0.65%.

The five-year fix comes with a £900 product fee and a £99 booking fee, and is available at other rates up to 85% LTV.

Other products that have been reduced include Nationwide’s three-year fix, which is available up to 70% LTV and has a rate of 3.59% with a £900 product fee and £99 booking fee.

In addition, the lender’s two-year tracker deal available up to 85% LTV now has a rate of 3.84% and comes with a £900 product fee and £99 booking fee.

Martyn Dyson, head of mortgages at Nationwide, says: “Our best buy five-year fixed rate offers outstanding value and reassurance for those customers concerned about future interest rate movements.

“It’s a real demonstration of our mutual difference that we continue to provide really competitive deals to our mortgage customers, and part of our ongoing commitment to get Britain moving.”

David Hollingworth, mortgage specialist at London & Country, says: “It’s excellent news for brokers and their clients that Nationwide has made such significant improvements to its mortgage range.  

“The five-year fixed rate is a clear market leader offering exceptional value to those looking for medium term security and to protect against future rate rises.”


Kensington axes plans to return to secured sector

Kensington Mortgages has ditched its plans to re-enter the secured loans market, Mortgage Strategy understands. The lender left the sector in 2007 due to tough market conditions but had planned to return this year. But a spokesman says: “We continue to monitor the potential in the market but there are no immediate plans to re-enter.” […]

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