View more on these topics

Nationwide cuts rates by up to 0.6%

Nationwide has cut rates on some of its fixed and tracker deals by up to 0.6%, with an average rate cut of 0.3%.

The rate reductions come off the back of the announcement that Nationwide’s specialist lending arm, The Mortgage Works, has upped its LTV from 70% to 80% on its core range.

For purchases Nationwide has cut one of its two-year fixed rate deals by 0.11% to 3.38% at up to to 70% LTV, and has cut one of its three-year tracker products by 0.51% to 4.48% at between 75% LTV and 85% LTV.

The building society has also increased its maximum LTV to 85% on remortgage tracker deals.

Remortgage customers can access a two-year fixed rate deal 3.58% and a five-year fixed rate deal at 5.14%, both available at up to 70% LTV.

Andy McQueen, divisional director for mortgages and general insurance at Nationwide, says: “We have further improved our mortgage range by reducing our interest rates on selected deals by up to 0.6%.

“Some of our largest reductions are on our remortgage, Switch & Fix and further borrowing deals, in particular the two-year fixed rate products.”

McQueen adds: “Furthermore, our remortgage tracker mortgages are now available up to 85% LTV.

“This enables us to continue to support those customers remortgaging with less equity.”

Deals are available through Nationwide branches, online and by phone.

Products will be available from May 11.


Mawdsley back in industry with top job at Omnii

Omnii Solutions has appointed John Mawdsley, former managing director of The Mortgage Partner-ship as chief executive officer. Mawdsley sold his stake in The Mortgage Partnership in September 2008 and left the industry to pursue other business ventures. He also relinquished his role as spokesman for the Association of Mortgage Packagers and Distributors. Mawdsley started his […]

Free unemployment insurance for new mortgage customers at HSBC

HSBC is offering free unemploy-ment cover for new mortgage customers if life insurance is also taken out. The move follows the launch of HSBC’s split mortgage that allows borrowers to fix a proportion of their loan, with the remainder on a lifetime tracker rate. All borrowers are being offered unemployment cover if they take out […]

Why brokers must adapt

A recent article in Mortgage Strategy highlighted that the march of direct deals is continuing unabated and they now make up some 54% of the market compared with 2007 when they only accounted for just 22%. This serves to confirm that the intermediary market is still shrinking. And this is reinforced when you consider that […]


News and expert analysis straight to your inbox

Sign up