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Nationwide cuts the cost of its fixed rate mortgages

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Written by:
24/11/2020
The building society is reducing rates on a range of its products for homebuyers and remortgagors
Nationwide cuts the cost of its fixed rate mortgages

Nationwide Building Society will reduce rates by up to 0.20 percentage points on a range of its two, three, five and 10-year fixed rate mortgage products.

These changes will be effective from Wednesday 25th November.

What’s being cut?

For first-time buyers, house purchasers and shared equity borrowers, the lender’s five-year fixed rate up to 75% of the property’s value is being reduced by 0.10% to 2.09% with a £999 fee.

Or borrowers can opt for a slightly higher rate of 2.29% with no fee.

Remortgage borrowers will see a range of cuts, including:

  • Two-year fixed rate at 60% LTV reduced by 0.05% to 1.19% with a £1,499 fee, to 1.29% with a £999 fee and to 1.74% with no fee.
  • Two-year fixed rate at 75% LTV reduced by 0.20% to 1.59% with a £999 fee and to 1.99% with no fee.
  • Five-year fixed rate at 60% LTV reduced by 0.05% to 1.34% with a £1,499 fee, to 1.39% with a £999 fee and to 1.79% with no fee.
  • Five-year fixed rate at 75% LTV reduced by 0.20% to 1.69% with a £999 fee and to 1.99% with no fee.
  • 10-year switcher product at 60%, 75% and 80% LTV will be reduced by up to 0.20%, with rates starting from 1.99%.

Henry Jordan, Nationwide’s director of mortgages, said: “We are making further rate reductions to make sure we remain one of the most competitive providers in the market at a time when demand remains high. These follow on from our recent reductions at 60% LTV and highlight that Nationwide continues to support people looking to take advantage of the Stamp Duty holiday with attractive mortgage deals.”

Rates on Nationwide’s Existing Customers Moving Home and Further Advances range will also see rate reductions of up to 0.20%.

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