16 September 2015
- New mortgage deals for those with 10% and 15% deposits
- Complementing new Nationwide 95% LTV mortgage products
From Wednesday 16 September, Nationwide is reducing selected fixed rate mortgages at 85 and 90 per cent LTV, including 10 year and 5 year fixed rates, by up to 0.45%.
The reductions are being made on a range of 2, 3, 5 and 10 year fixed rate deals, with rates for those with a 10 per cent deposit starting at 2.99% for a 2 year fixed rate with a £999 fee. For buyers with a 15 per cent deposit rates start at under 4% for the 10 year fixed rate products and 2.04% for the 2 year fixed rate deal, both with a £999 fee.
In addition, there are reductions to selected deals in the Flexclusive* range, available to customers with a Nationwide main current account. The 4 year fixed rate mortgage deals, with a deposit of 15%, start at 2.94%.
Last week the Society launched a new range of competitive fixed rate 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. This is the first time Nationwide has offered 5% deposit mortgages outside the limits of a scheme to all customers since 2008. The new mortgages will also be offered both through brokers as well as direct through Nationwide.
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 slightly larger deposits of 10% and 15% who are 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 £250 cashback or the option of free valuations and legal fees."
The new Nationwide mortgage rates are as follows:
10 year fixed:
- 85% LTV rate with a £999 fee reduced by 0.15% to 3.99% and with no fee to 4.09%
- 90% LTV rate with a £999 fee reduced by 0.45% to 4.34% and with no fee to 4.44%
5 year fixed:
- 90% LTV rate with a £999 fee reduced by 0.10% to 3.64% and with no fee to 3.84%
3 year fixed:
- 85% LTV rate with a £999 fee reduced by 0.10% to 2.69% and with no fee to 2.99%
- 90% LTV rate with a £999 fee reduced by 0.10% to 3.39% and with no fee to 3.69%
2 year fixed:
- 85% LTV rate with a £999 fee reduced by 0.05% to 2.04% and with no fee to 2.44%
- 90% LTV rate with a £999 fee reduced by 0.15% to 2.99% and with no fee to 3.39%
Flexclusive* 4 year fixed:
- 85% LTV rate with a £999 fee reduced by 0.05% to 2.94% and with no fee to 3.19%
- 90% LTV rate with a £999 fee reduced by 0.10% to 3.49% and with no fee to 3.74%
Existing mortgage customers continue to benefit from a 0.10% discount on new customer rates. Nationwide offers a core range of competitive rates for all mortgage applicants, as well as a £500 cashback for first time buyers. Remortgage customers are able to borrow up to 85 per cent LTV and benefit from a free standard valuation and the choice between free standard legal work and £250 cashback.