Nationwide cuts select fixed and tracker products

Nationwide Building Society is cutting rates on selected 2 and 5 year fixed and 2 year tracker rate mortgage products by up to 0.10 per cent.

Rates in the 2 year fixed rate product range available up to 75, 80, 85 and 90 per cent loan to value (LTV) have been reduced by up to 0.10 per cent, with the 75 per cent 2 year fixed rate product starting at 1.34 per cent with a £999 fee and 1.74 per cent with no fee.

For those with a 10 per cent deposit, predominantly first time buyers, rates have been reduced to 2.19 per cent with a £999 fee and 2.59 per cent with no fee, the lowest rates in this range ever offered by the lender.

The 5 year fixed rate product with a 40 per cent deposit now starts at 1.84 per cent with a £999 fee and 2.04 per cent with no fee.

Selected 2 year tracker rates have also been reduced, with those at up to 85 per cent LTV starting at 1.54 per cent with a £999 fee and 1.94 per cent with no fee and those at up to 90 per cent LTV starting at 2.19 per cent and 2.59 per cent respectively.

All Nationwide tracker mortgage products currently have no ERCs. Existing mortgage customers benefit from a 0.10 per cent discount on the new customer rate.

The Society also offers a range of additional benefits for both first time buyers and home movers. All standard mortgage valuations are fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Remortgage customers are able to benefit from a free standard valuation and the choice between free standard legal work and £250 cashback.

Nationwide’s director of mortgages Henry Jordan says: “We are making further reductions to selected rates across our fixed and tracker rate ranges, with a number of Nationwide mortgage rates reaching historic lows. As well as offering a wide range of competitive mortgage rates, Nationwide also offers additional benefits to first time buyers, home movers and those remortgaging to the society.”