Nationwide cuts interest rates on all five-year fixed rate mortgages
Thursday, 01 September 2011 12:04
Nationwide has reduced the rate on all of their five-year fixed rate mortgages from today (September 1st).
This means that if you have a loan-to-value (LTV) ratio of 70 per cent, meaning that you have equity of 30 per cent or more in your property, you can take out a five-year fixed rate mortgage that charges just 3.69 per cent. This deal comes with a fee of £999.
Alternatively, you can take out the same deal with just a £99 booking fee, but the rate will be 3.89 per cent.
In addition the lender has announced that it will reduce the rate on all five-year fixed rate mortgages by 0.1 per cent for new applications.
Martyn Dyson, head of mortgages at Nationwide, said: "We know from our mortgage consultants and brokers that five-year fixed rate products are popular with borrowers, so our latest rate reduction ensures our deals continue to be amongst the most competitive in the market place."
There are other competitive rates available to customers with an LTV of between 70 and 85 per cent and there is a £500 product fee discount for all first-time buyers.
For first-time buyers or homeowners looking to re-mortgage who have very little equity, Nationwide offers mortgages of up to 95 per cent of the value to existing mortgage customers switching at the end of their current deal and Save to Buy customers.
Nationwide also allows overpayments of up to £500 per month on many of their mortgage deals which can save you a lot of money in interest payments over the course of your mortgage term.
Use the Myfinances.co.uk comparison tables to find the best deal on a new mortgage.
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