Nationwide cuts rates

Robyn Hall

October 23, 2012

Its 5-year fixed rate is now 3.29% at 70% LTV for new customers and 3.19% for existing customers with a £900 product fee, £99 booking fee £400 discounted product fee for first-time buyers.

A 3-year fixed rate is also available at 3.09% at 70% loan to value for new customers and 2.99% for existing customers with the same fee structure.

The changes include a reduction to NewBuy mortgages of up to 0.20%, ensuring the rates are at least 0.50% lower than equivalent standard Nationwide mortgages at 95% LTV.

For example its 3-year fixed rate NewBuy mortgage is available at 5.29% (95% LTV) for new customers whereas the standard 3-year fixed rate mortgage is available at 5.79% (95% LTV) for new customers.

Tracie Pearce, Nationwide’s head of mortgages, said: “We’re particularly pleased to be able to reduce rates across the board, so everyone benefits, regardless of LTV and whether their deposit is 5% or 30%.

This is the second reduction we’ve made to our rates in as many weeks and we’ve maintained the additional discount for existing customers as a reward for their loyalty.”

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