Nationwide launches five-year tracker

Nationwide-Building-Logo-Closeup-700x450.jpgNationwide 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 £999 fee.

All Nationwide tracker mortgage products currently have no early redemption charges (ERCs). Existing mortgage customers benefit from a 0.10 per cent discount on the new customer rate, as well as a £250 cashback for mortgage customers switching to a new deal or moving home.

The launch is one of a series of recent measures taken by the Society to increase choice and flexibility across the mortgage range. These include the introduction of 95 per cent LTV tracker products and increasing the maximum loan to value (LTV) for customers remortgaging from other lenders to the society on a like-for-like basis from 85 per cent LTV to 90 per cent.

Nationwide head of mortgages Henry Jordan says: “We are extending the choice of Nationwide tracker mortgages to include a five year option, responding to customer demand and a growing market for more flexible products.

“This will be particularly useful for those with larger deposits looking for a product that provides maximum flexibility with no limit on overpayments.”