Nationwide & Britannia mortgage offers change
Nationwide & Britannia alter mortgage offers
Wednesday, 16 Jul 2008 17:52
The Nationwide and Britannia building societies – respectively the first and second largest in the country – have reshaped their mortgage offerings.
With effect from Friday, Nationwide has announced it is to reduce the rates on its two, three and five-year fixed-rate and two-year and lifetime tracker mortgages by as much as 0.46 per cent.
Among the biggest changes, the two-year fixed rate deal, with a 90 per cent loan-to-value (LTV) will see a drop from 6.88 to 6.58 per cent (with a £599 fee), while a new fee free version will be available for 6.98 per cent.
A three-year deal with a 90 per cent LTV will fall from 6.75 per cent 6.63, with a fee of £599, falling to £299 for first-time buyers.
Rates on the ten and 25-tear fixed-rate deals remain unchanged.
"As a building society we always aim to offer our members the best possible deals," said Matthew Carter, divisional director for mortgages at Nationwide.
£For the second time this month, we are in a position to reduce the rates on mortgages, offering some of the most competitive rates in the market."
Across the way at Britannia, the lender has announced it is to add a new five-year option to its fixed-rate mortgage offer.
The deal will have a rate of 5.99 per cent on LTVs up to 75 per cent, or 6.39 per cent on LTVs up to 90 per cent - both with an arrangement fee of £999.
Again the new deal will be available from July 18th.
Britannia's two existing five-year fixed-rate options are also still available.
One has an arrangement fee of £499, while the other is fee free - both options offer a selection of rates based on the loan to value.
"All of our mortgage packages offer a range of options, based on the borrower's circumstances," said Tim Franklin, managing director of member business at Britannia.
"This new option gives borrowers the reassurance that they are getting a competitive rate, with the peace of mind that their monthly payments will remain the same for the next five years."
Chris O'Toole