View more on these topics

Nationwide cuts two, three and five-year fixes by up to 0.20%

Nationwide-Building-Logo-Closeup-700x450.jpg

Nationwide Building Society is cutting its two, three and five-year fixed rate loans by up to 20 basis points from tomorrow.

All the lender’s two-year fixes up to 95 per cent LTV have been cut, with its 60 per cent product now starting at 1.29 per cent with a £999 fee and 1.69 per cent with no fee.

For those with a 5 per cent deposit, rates are now 3.69 per cent with a £999 fee and 4.09 per cent with no fee.

The lender’s three-year fixed rate products at 60 per cent LTV start at 1.59 per cent with a £999 fee and 1.89 per cent with no fee.

For borrowers with a 5 per cent deposit, five-year fixed rates start from 4.09 per cent with a £999 fee and 4.39 per cent with no fee.

 At 60 per cent LTV, five-year fixes start at 1.89 per cent with a £999 fee and 2.09 per cent with no fee.

This changes to 4.49 per cent and 4.69 per cent respectively for products at 95 per cent LTV.

 In addition, the rate for the 75 per cent LTV five-year tracker product with a £999 fee has been cut to 2.14 per cent.

All Nationwide tracker mortgage products have no early redemption charges.

 Existing mortgage customers will also get a 10 basis point cut on the new customer rate, as well as a £250 cashback for mortgage customers switching to a new deal or moving home.

Nationwide has also scrapped all fees on its standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback.

Remortgage customers can get a free standard valuation and the choice between free standard legal work and £250 cashback.

Nationwide head of mortgages Henry Jordan says: “We are reducing rates across the range of fixed rate products, for those with both large and small deposits.

“As well as offering additional member benefits to first time buyers, home movers and those remortgaging to the society, we are extending member choice as well as offering a wide range of competitive mortgage rates.”

Recommended

Rising-House-Prices-Property-Ladder-700x450.jpg

House prices stabilising as London growth slows, says Nationwide

UK annual house price growth ended 2016 at 4.5 per cent, the same as the level of growth for 2015, the latest Nationwide house price index has found. However, price growth in London was found to have ended the year below the UK average for the first time in eight years. All regions saw house […]

Nationwide-building-2013-700x450.jpg

Nationwide H1 profits slip to £696m as commercial real estate arm axed

Nationwide’s half-year profits before tax fell 13 per cent to £696m and the firm will close its Commercial Real Estate arm due to Brexit fallout. At the end of September last year the firm’s profits were £802m. Nationwide says the profit drop is due to record low interest rates, stiff competition in the mortgage market […]

Nationwide-Building-Logo-Closeup-700x450.jpg

Nationwide launches five-year tracker

Nationwide has launched a new five-year tracker starting from 1.89 per cent for those borrowing at 60 per cent LTV with a £999 fee. There is also a 70 per cent LTV tracker mortgage at 2.09 per cent with a £999 fee, and a 75 per cent product LTV at 2.19 per cent with a […]

Comments
  • Post a comment
  • John Tidswell 10th January 2017 at 4:45 pm

    Instead of reducing rates and paying £250 cashback to existing customers switching rates they should start to support their brokers by paying retention proc fees.

    With the announcement from the Coventry today that they will be paying retention proc fees this brings the total number of lenders that will be paying this year or that are already paying to eight. They include Barclays, BM Solutions, Halifax, Platform, Virgin Money, Santander and now Coventry. I also understand that TSB are also looking to pay proc fees for retention products later this year but have yet to confirm this.

    The dam is now starting to break!

    • Tony Barker 11th January 2017 at 11:17 pm

      Pay a retention proc fee for what? Telling an existing customer you cannot get them a better deal elsewhere and that they should stay with Nationwide?