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Nationwide to cut rates on mortgage deals
This article is an external press release originally published on the Landlord News website, which has now been migrated to the Just Landlords blog.
Nationwide has today announced that it is to cut rates on certain fixed rate mortgage deals, namely at 85 and 90% LTV. This includes 5 and 10 year fixed-rates, which will be reduced by up to 0.45%.
In fact, reductions are to be made on a range of 2,3,5 and 10 year fixed rate deals, with rates for those with a 10% deposit beginning at 2.99% for a 2 year fixed rate, with a £999 fee.[1]
Cuts
For buyers able to raise a 15% deposit, rates begin at under 4% for 10 year fixed-rate products and 2.04% for the 2 year fixed rate deal. Both come with a £999 fee.[1]
Moreover, there are reductions to selected deals in the Flexclusive range, which are available to consumers with a Nationwide current account. The 4 year fixed rate mortgage deals, with a deposit of 15%, begin at 2.94%.[1]
Just last week, the building society launched a new range of fixed rate 95% LTV mortgage deals, beginning at under 4%. These products are removed from any scheme, such as Help to Buy and are available to both first-time buyers and home movers. This was the first time that Nationwide has offered 5% deposit mortgages that are not conjoined with any scheme to all customers since 2008. In addition, the new mortgage deals will be offered through brokers and directly through Nationwide themselves.[1]
Nationwide to cut rates on mortgage deals
Competitive
Henry Jordan, Nationwide’s Head of Mortgages, commented, ‘following the launch of Nationwide’s new range of mortgage products for those with a 5% deposit, we are now reducing rates for those with slightly larger deposits of 105 and 15% who are looking for competitive rates and payment security over the short, medium and longer term.’[1]
‘First-time buyers will also continue to qualify for a £500 cashback irrespective of which product they choose. This is in addition to the benefits available on the Flexclusive range of mortgages, including £250 cashback or the option of free valuations and legal fees,’ Jordan added.[1]
[1] http://www.propertyreporter.co.uk/finance/nationwide-announces-cuts-to-ftb-fixes.html
