From Tuesday 10 May, Nationwide is reducing selected fixed rate mortgages at 85, 90 and 95 per cent loan-to-value (LTV) by up to 0.20%.
The reductions are being made on a range of 2, 3 and 5 year fixed rate deals, with rates for those mortgage customers with a five per cent deposit now starting at 3.99% for a 2 year fixed rate mortgage with a £999 fee. The rates for those with a 10 per cent deposit start at 2.49%, while those with a 15 per cent deposit start at 1.94%, both with a £999 fee.
Buyers opting for a 5 year fixed rate mortgage deal will see rates reduced to 2.99% for the 85 per cent LTV product, 3.29% for the 90 per cent LTV product, and 4.79% LTV for the 95 per cent product, all with a £999 fee.
The new deals are complemented by the Society’s range of addition benefits for both first time buyers and home movers. All mortgage valuations are now fee-free, while first time buyers are able to access a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback.
In addition, those customers saving through a Nationwide Help to Buy ISA are eligible for the Society’s Save to Buy mortgage range, with 95 per cent mortgage rates 0.40% lower than the equivalents in the core range, plus additional cashbacks of up to £1,000.
Henry Jordan, Nationwide’s Head of Mortgages, said: “We are reducing rates for those with smaller deposits who are looking for competitive rates and payment security over a range of terms, with a focus on first time buyers who will continue to qualify for a £500 cashback. With the combination of competitive rates and access to additional benefits, Nationwide will continue to offer mortgage customers amongst the best deals on the high street. Standard valuations remain fee-free for all customers and Nationwide main current account customers can access a cashback of £250, both irrespective of which product they choose.
“These deals are is in addition to the discounted rates and benefits now available to Nationwide Help to Buy ISA savers taking out a mortgage with the Society, who are eligible for a package of discounted rates as well as extra cashbacks, further helping customers to secure a home of their own.”
The new Nationwide mortgage rates are as follows:
85% LTV fixed rates
- 2 year fixed rates with a £999 and £0 fee reduced by 0.05% to 1.94% and 2.34% respectively.
- 5 year fixed rates with a £999 and £0 fee reduced by 0.15% to 2.99% and 3.19% respectively.
90% LTV fixed rates
- 2 year fixed rates with a £999 and £0 fee reduced by 0.15% to 2.49% and 2.89% respectively.
- 3 year fixed rates with a £999 and £0 fee reduced by 0.15% to 2.99% and 3.29% respectively.
- 5 year fixed rates with a £999 and £0 fee reduced by 0.20% to 3.29% and 3.49% respectively
95% LTV fixed rates
- 2 year fixed rates with a £999 and £0 fee reduced by 0.10% to 3.99% and 4.39% respectively.
- 3 year fixed rates with a £999 and £0 fee reduced by 0.10% to 4.49% and 4.79% respectively.
- 5 year fixed rates with a £999 and £0 fee reduced by 0.10% to 4.79% and 4.99% respectively.
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, while 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.