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Nationwide, Skipton and Coventry enter two-year fix price war

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Written by: Samantha Partington
09/09/2014
Mutuals Nationwide, Skipton and Coventry are slashing rates in what looks set to be a seasonal price-war.

Nationwide is cutting rates by up to 0.70% across fixed and tracker deals, with two-year fixed rate mortgages available from 1.94%, three year fixed rates from 2.39% and five year fixed rates from 2.99%.

Two year tracker rates now start at just 1.69%.

Loyal, existing customers are offered an additional 0.10% reduction whenever they make a new application to move home or switch products.

Nationwide customers may choose to take either a four year fixed rate Flexclusive mortgage (at the same rate as the three year version available to new customers) or a three year Flexclusive tracker mortgage starting at 1.89%.

Tracie Pearce, Nationwide’s head of mortgages, said: “With increased debate around the possibility of an interest rate rise, customers are keen to access competitively-priced fixed rates and trackers.”

Skipton Building Society has cut rates by up to 0.40% across its two-year fixed rate range while Coventry Intermediaries gets ready to launch its 2.29% two-year fix, from tomorrow.

Skipton’s headline rate is 1.92% at 60% loan-to-value (LTV) with a fee of £995 which the society expects to attract plenty of homebuyer attention ahead of the anticipated rate rise.

Borrowers looking for a fee-free alternative can access a rate of 2.49% at the same LTV.

Coventry’s rate, of 2.29%, has a booking fee of £199 and allows borrowers to climb slightly higher up the LTV scale to 65%. At 75%, LTV the rate increases to 2.59% with the same fee.

Kris Brewster, the Skipton’s head of products, said: “As we strive to offer our customers best value products we’re constantly monitoring the marketplace and adjusting our products and interest rates to make sure they remain attractive.

“These latest reductions ensure they remain among the best value available as we continue to lend strongly in line with our commitment to helping people to achieve their homeownership aspirations.”

Colin Franklin, managing director, Godiva Mortgages, said: “Our new highly competitive products offer borrowers a range of fee options. So borrowers can have a great fixed rate and a fee structure that suits them.”

Skipton’s rate cuts go up to 90% LTV – where at the top end of the scale borrowers can fix for two years at either 3.89% with fees of £995 or pay no fees and access a rate of 4.19%.

Coventry will offer a five-year fixed rate of 3.45% at 65% LTV with a booking fee of £199.

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