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Nationwide reduces five-year fixed rates

From tomorrow, Nationwide will reduce selected rates on its five-year fixed rate mortgages.

The reductions range between 0.10% and 0.31%, with the average cut being 0.23%. 

For those remortgaging rates are reducing across all tiers up to 75% LTV.

Five-year fixed rate are being reduced by 0.26% available from 4.88% (up to 70% LTV), new customers can borrow up to 85% LTV.

It will also offer a £99 booking fee (payable upfront and non-refundable) and £896 product fee, with no valuation and legal fees as standard.

Five-year fixed rates have also been reduced by 0.24% available from 5.44% for 70-75% LTV.

For those buying a home rates for five-year fixed rate mortgages for house purchasers are reducing across all tiers up to 85% LTV.

Five-year fixed rates have been reduced by 0.31% available from 4.68% (up to 70% LTV) new customers can borrow up to 85% LTV and existing borrowers who are moving home can borrow up to 95% LTV.

There is a £99 booking fee (payable upfront and non-refundable), £896 product fee and £500 discount on product fee for first-time buyers.

Five-year fixed rates have been reduced by 0.20% available from 5.24% (70-75% LTV).

Andy McQueen, divisional director for mortgages and general insurance at Nationwide, says: “I’m pleased to announce that we have reduced rates on our five-year fixed rate mortgage products.  The cuts of up to 0.31% could benefit those buying a house, remortgaging, looking for additional borrowing or looking to switch deals.  In particular, our five-year fixed rate mortgages available up to 75% LTV for house purchasers are now among the lowest rates in the market.

“And if you’re a first time buyer, you will continue to receive a further £500 product fee discount on selected fixed and tracker rate deals; another great reason for first time buyers to take out a mortgage with Nationwide.”

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MARK CLINTON, DIRECTOR, MD PENSION SOLUTIONS

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