Nationwide cuts fixed rates by up to 20bps

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Nationwide is cutting rates on its fixed rate mortgages by up to 20 basis points from tomorrow.

The reductions are being made on a range of two-, three- and five-year fixed rate deals at 85, 90 and 95 per cent LTV.

At 95 per cent LTV, rates start at 3.99 per cent for a two-year fix with a £999 fee.

For 90 per cent LTV mortgages, rates begin at 2.49 per cent, while those with a 15 per cent deposit start at 1.94 per cent, both with a £999 fee.

Buyers choosing a five-year fixed rate will get rates of 2.99 per cent for an 85 per cent LTV option, 3.29 per cent for 90 per cent and 4.79 per cent LTV for 95 per cent, all with a £999 fee.

Nationwide is also scrapping fees on all mortgage valuations, while first time buyers can get £500 cashback.

Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback.

Nationwide head of mortgages Henry Jordan says: “We are reducing rates for those with smaller deposits who are looking for competitive rates and payment security over a range of terms, with a focus on first time buyers who will continue to qualify for a £500 cashback.”

The new Nationwide mortgage rates are:

85 per cent LTV fixed rates

· Two-year fixed rates with a £999 and £0 fee reduced by 5 basis points to 1.94 per cent and 2.34 per cent respectively.
· Five-year fixed rates with a £999 and £0 fee reduced by 15 basis points to 2.99 per cent and 3.19 per cent

90 per cent LTV fixed rates

· Two-year fixed rates with a £999 and £0 fee reduced by 15 basis points to 2.49 per cent and 2.89 per cent
· Three-year fixed rates with a £999 and £0 fee reduced by 15 basis points to 2.99 per cent and 3.29 per cent
· Five-year fixed rates with a £999 and £0 fee reduced by 20 basis points to 3.29 per cent and 3.49 per cent

95 per cent LTV fixed rates

· Two-year fixed rates with a £999 and £0 fee reduced by 10 basis points to 3.99 per cent and 4.39 per cent
· Three-year fixed rates with a £999 and £0 fee reduced by 10 basis points to 4.49 per cent and 4.79 per cent .
· Five-year fixed rates with a £999 and £0 fee reduced by 10 basis points to 4.79 per cent and 4.99 per cent