From Friday 6 August 2010, Nationwide will reduce rates by up to 0.30% on selected mortgages for remortgage and house purchase customers. The biggest cuts are on mortgages available up to 85% LTV and will, in particular, help customers with smaller deposits. The average cut will be 0.19%.
The mortgage product range from Nationwide will include the following:
For those buying a home
Two-year tracker rate reduced by 0.20% available at 3.68% (75-80% LTV)
Two-year fixed rate reduced by 0.30% available at 4.69% (80-85% LTV)
Three-year fixed rate reduced by 0.20% available at 4.89% (75-80% LTV)
Five-year fixed rate reduced by 0.30% available at 5.99% (80-85% LTV)
- New customers can borrow up to 85% LTV
- Existing borrowers who are moving home can borrow up to 95% LTV
- £99 booking fee (payable upfront and non-refundable)
- £896 product fee
- First time buyers taking out a three-year fixed or tracker product or a five-year fixed product receive a £500 discount
For those remortgaging
Two-year fixed rate reduced by 0.20% available at 4.98% (75-80% LTV)
- New customers can borrow up to 85% LTV
- £99 booking fee (payable upfront and non-refundable)
- No product fee
- No standard valuation or standard legal fees
Two-year tracker rate reduced by 0.20% available at 3.88% (75-80% LTV)
- New customers can borrow up to 85% LTV
- £99 booking fee (payable upfront and non-refundable)
- £896 product fee
- No standard valuation or standard legal fees
Martyn Dyson, head of mortgages at Nationwide, said: “Borrowers thinking of remortgaging or buying a home this summer can now look forward to rate cuts of up to 0.30% with Nationwide. In particular, the two-year fixed rate deal with an £896 product fee available up to 85% LTV for house purchasers is very competitive.
“What’s more, cash-back offers and discounts remain available. Existing customers who take a new Nationwide mortgage when either moving home or switching at the end of their deal can receive £300 cash-back1, while first time buyers can receive a £500 product fee discount on selected products.
“Customers who want the lower rates currently available on tracker mortgages, but value the security of a fixed rate, can select a tracker now knowing that they can switch to a fixed rate at a later date without having to pay any Early Repayment Charge. Alternatively, they can, from the outset, opt for a mixture of tracker and fixed rate deals.”
Notes
Customers can deal directly with Nationwide through branches, online at www.nationwide.co.uk or by calling 0800 30 20 10.
1. £300 cash-back: available on products reserved on or after 11 June 2010 and payable per application within one month of completion of the mortgages. Please note this offer may be withdrawn at any time.
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