Nationwide launches lowest ever fixed rate mortgage
Nationwide has launched its lowest ever mortgage rate at 0.87%.
The building society has reduced rates across its range by 0.40 percentage points.
The super-low, two-year fixed rate is available up to 60% of the property’s value and carries a £1,499 fee.
The lender has also launched a sub-1% tracker rate mortgage at 0.99% for two years, with a £999 fee, also available up to 60% loan to value, for borrowers with 40% upfront.
The mutual’s other reduced rates include a two-year fixed rate at 75% LTV reduced by 0.04% to 1.00%, with a £1,499 fee and a three-year fixed rate 95% LTV reduced by 0.25% to 2.99%, with a £999 fee.
First-time buyer product changes
First-time buyers can benefit from reductions of up to 0.30% across selected fixed and tracker rate products up to 95% of the property’s value while remortgagors will see reductions of up to 0.40% across selected products.
Nationwide is also reducing selected further advance, family deposit mortgage and switcher rates by up to 0.32% and selected shared equity rates by up to 0.20%.
Henry Jordan, Nationwide’s director of mortgages, said: “As one of the largest lenders in the UK we always keep our rates under review to ensure we can maintain our competitive position in the market.
“These latest reductions see the Society launch its lowest ever new lending mortgage rate, which will offer those looking for a new deal one of the best rates available. However, reductions have been made at all loan to value levels so whether someone is buying a new home, remortgaging their existing property or getting a further advance to improve their home we have a range of mortgages on offer to suit their needs.”