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

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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.”