Nationwide Cuts Selected Tracker Rate Mortgages

From Thursday 27 April, Nationwide Building Society is cutting rates on selected 2 and 5 year fixed and 2 year tracker rate mortgage products by up to 0.10%.

Rates in the 2 year fixed rate product range available up to 75, 80, 85 and 90 per cent loan to value (LTV) have been reduced by up to 0.10%, with the 75 per cent 2 year fixed rate product starting at 1.34% with a £999 fee and 1.74% with no fee. For those with a 10 per cent deposit, predominantly first time buyers, rates have been reduced to 2.19% with a £999 fee and 2.59% with no fee, the lowest rates in this range ever offered by Nationwide.

The 5 year fixed rate product with a 40 per cent deposit now starts at 1.84% with a £999 fee and 2.04% with no fee – also a historic low for the Society.

Selected 2 year tracker rates have also been reduced, with those at up to 85 per cent LTV starting at 1.54% with a £999 fee and 1.94% with no fee and those at up to 90 per cent LTV starting at 2.19% and 2.59% respectively.

All Nationwide tracker mortgage products currently have no Early Redemption Charges (ERCs). Existing mortgage customers benefit from a 0.10% discount on the new customer rate.

The Society also offers a range of additional benefits for both first time buyers and home movers. All standard mortgage valuations are fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Remortgage customers are able to benefit from a free standard valuation and the choice between free standard legal work and £250 cashback.

Henry Jordan, Nationwide’s Director of Mortgages, said: “We are making further reductions to selected rates across our fixed and tracker rate ranges, with a number of Nationwide mortgage rates reaching historic lows. As well as offering a wide range of competitive mortgage rates, Nationwide also offers additional benefits to first time buyers, home movers and those remortgaging to the Society.”