Nationwide cuts rates on fixed rate and tracker mortgage deals

Wednesday, 30 January 2013 12:34

Nationwide has announced further rate cuts to some of its mortgage products.

It is cutting tracker rates by up to 0.50 per cent and selected fixed rate deals by up to 0.30 per cent.

This means that Nationwide now offers a three-year fixed rate deal for borrowers with a 40 per cent deposit at just 2.59 per cent. For borrowers with a loan-to-value (LTV) ratio of 25 per cent, the rate is 2.89 per cent. The fee is £900 but reduced to £400 for first-time buyers and a non-refundable fee of £99 is payable on reservation of the product.

These rates are recued by 0.10 per cent for existing customers.

Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback, payable one month after completion.

Meanwhile, Nationwide has reduced its two-year tracker deal for 60 per cent LTV borrowers to just 2.49 per cent (or 2.39 per cent for existing borrowers), again with the same fee structure.

Tracie Pearce, head of group mortgages at Nationwide, said: "Nationwide is demonstrating that it really is open for business by announcing its fourth rate cut in January alone.

"These reductions clearly demonstrate our commitment to offer competitive, quality and affordable products to both new and existing customers, at all LTVs."


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