Nationwide cuts fixed rates

The reductions are being made on a number of 2, 3, 5 and 10 year fixed-rate deals, with rates for those with a 10% deposit now starting at 2.79% for a 2 year fix and 3.54% for a 5 year fix, both with a £999 fee.

Deals at 70% loan to value for the 3 year fixed rate start at 2.14% and for the 5 year fixed rate at 2.54%, both with a £999 fee.

Buyers opting for a 10 year fixed-rate mortgage will see rates reduced by up to 0.45%, with rates available from 3.14% with a £999 fee for customers with a 30% deposit and 3.64% with a £999 fee for customers with a 15% deposit.

The new deals complement the Nationwide’s new range of fixed 95% LTV mortgage deals, starting at under 4%.

The products are not part of any scheme, such as Help to Buy, and are available to both first-time buyers and home movers and offered both through brokers as well as direct.

Henry Jordan, Nationwide’s head of mortgages, said: “Following the launch of Nationwide’s new range of mortgage products for those with a 5% deposit, we are now reducing rates for those with larger deposits looking for competitive rates and payment security over the short, medium and longer term.

“First time buyers will also continue to qualify for a £500 cashback irrespective of which product they choose. This is in addition to the benefits available on the Flexclusive range of mortgages, including a free standard valuation and the option of either £250 cashback or no standard legal fees.”

In addition to the changes to the core range, Nationwide has also made reductions for existing mortgage customers looking to switch deal as part of Nationwide’s Loyalty Rate Mortgages initiative which compares the society’s mortgage rates for existing customers to those of its top six high street competitors.

The reductions include the 2 year fixed-rate deal at up to 90% LTV, reduced by 0.55% to 2.34% with a £999 fee and 2.74% with no fee, and the Flexclusive 3 year tracker at 90% LTV, reduced by 0.55% to 2.94% with no fee.