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Nationwide cuts the cost of its fixed rate mortgages

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As the housing market opens up, lenders want to remain competitive with low rates
Nationwide cuts the cost of its fixed rate mortgages

Nationwide Building Society is reducing rates on some of its two, three, five and 10-year fixed rate remortgage and switcher mortgage products, as well as its two-year tracker mortgages, by up to 0.25 per cent.

The Society is also cutting rates on its Later Life mortgage products by up to 0.40 per cent.

What’s new?

The remortgage range includes a two-year fixed rate for borrowers with 40% equity, at 1.14% with a £1,499 fee. The five-year rate on the same terms has been cut to 1.34%.

Existing Nationwide members can switch to these rates with a lower fee of £999, or choose a higher interest rate with no fee.

Two-year tracker products up to 60 per cent of the property’s value are reduced by 0.05% to 1.24% with a £1,499 fee.

Later Life (Retirement Capital & Interest and Retirement Interest Only) mortgages have also been cut by 0.40%. They now include a two-year fixed rate at 2.59%, a three-year fixed rate 2.79% and a 10-year-year fix at 3.39%.

Henry Jordan, Nationwide’s director of mortgages, said: “While the housing market slowly begins to open up again, the mortgage market continues to remain as competitive as ever. Although many borrowers continue to like the security of fixing their mortgage repayments, we know there are some who want to take advantage of these historic low interest rates by going for a tracker mortgage.

“These reductions demonstrate our commitment to offering competitive rates on both fixed and trackers across a range of LTVs, ensuring we support borrowers no matter how much deposit they have.”

Nationwide has also announced a five-point support package designed to help protect the homes and finances of those who have been hit hard by Covid-19. Nationwide is offering extended support for people still financially impacted by the outbreak and who may be coming to the end of an initial three-month mortgage payment support period, which begin to expire next month.

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