Nationwide launches competitive new fixed-rate mortgage

Thursday, 12 January 2012 01:05

Nationwide has announced the launch of a new two-year fixed-rate mortgage that is designed to help first-time buyers in particular.

The home loan will offer a loan-to-value (LTV) ratio of 90 per cent with an interest rate of 5.29 per cent and a £900 product fee.

Alternatively, the rate rises to 5.69 per cent with no product fee.

Those who have a 40 per cent deposit can benefit from an extremely competitive rate of 2.99 per cent, while five-year deals are also available at 70 per cent LTV.

Head of mortgages at Nationwide Martyn Dyson said the new product together with the existing range means the building society can provide "some of the best low deposit deals currently available".

Back in November 2011, Nationwide cut the interest rate on its personal loan product to 6.1 per cent APR, the lowest the financial services provider has ever offered.

It is applicable for loans between £7,500 and £14,999 paid back over five years.

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