Nationwide cuts fixed mortgage rates

John Hewitt Jones

August 9, 2016

Nationwide

Nationwide slashes fixed-rates by up to 0.2%.

Nationwide is making significant rate reductions to its two, three, five and 10-year fixed rate products.

The 10-year fixed rate products are now at the lowest ever rate set by the Society starting at 2.79% with a £999 fee and 2.89% with no fee at up to 60% loan-to-value.

Barclays cuts rates by up to 0.50%

Following the 0.25% reduction in the Bank of England Base Rate, existing Nationwide mortgage tracker customers saw the decrease passed on in full.

For new customers, from 10 August, rates for the 2-year tracker products will start at 1.29% with a £999 fee and 1.69% with no fee.

Henry Jordan, Nationwide’s head of mortgages, said: “Following the cut in the Bank of England Base Rate, we have already passed on the benefit in full to those customers on our BMR and SMR rates. Now we are reducing fixed rate deals for those looking for competitive rates and payment security over a wide range of terms and size of deposit.

“Standard valuations remain fee-free for all customers and Nationwide main current account customers can access a cashback of £250, both irrespective of which product they choose. For our existing customers, we offer both rates that are always discounted by 0.10% when compared to the new customer rate and a £250 for those mortgage customers moving home or switching to a new product.

“With the combination of competitive rates and access to additional benefits for both new and existing customers, Nationwide will continue to offer deals that are amongst the best on the high street.”

Additionally Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback.

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