Nationwide introduces fee friendly range

The changes include:

• Fee-friendly products - mortgages with no product fees will be introduced across the entire range, giving borrowers more choice and flexibility
• Tracker rates at 70% LTV for house purchase and remortgage customers will be reduced by up to 45 basis points
• Remortgage rates will be aligned to the society’s house purchase rates. Selected remortgage rates will be reduced as a result
• Average rate change across the mortgage range: -0.18%

The remortgage product range from Nationwide includes:

• Two-year tracker rate available at 2.49% (up to 70% LTV) with a £900 product fee and £99 booking fee (payable upfront and non-refundable). New customers can borrow up to 85% LTV
• Three-year fixed rate available at 3.69% (up to 70% LTV) with a £900 product fee, £99 booking fee (payable upfront and non-refundable). New customers can borrow up to 85% LTV
• Five-year ‘Flexible Mortgage’ tracker rate available at 2.75% (up to 70% LTV) which is exclusively available to main FlexAccount customers and has no product fee,just a £99 booking fee (payable upfront and non-refundable). It has unlimited overpayments and no early repayment charges. New customers can borrow up to 85% LTV.

Commenting, Andy McQueen, mortgages director at Nationwide, said: “We are not only improving rates on many deals but also building on the success of our fee-friendly remortgage products by introducing options with no product fees to our entire mortgage range, benefiting those who prefer lower upfront costs with their mortgage.

“Our tracker mortgages include the option to ‘switch & fix’ deal at a later date, where these customers can move onto a fixed rate from our switch & fix range midway through their tracker deal without incurring early repayment charges.”