Nationwide launches lowest 10 year fixed rate mortgage on the market
Nationwide is offering the lowest 10 year fixed rate mortgage currently on the market.
The new 10 year fixed rate deal, available at up to 60 per cent loan to value (LTV), is reduced by 0.55% to a rate of 2.94% for new mortgage customers, and 2.84% for existing mortgage customers. This comes with a £999 product fee, reduced to £499 for first time buyers. Remortgage customers benefit from free standard valuation and the choice between free standard legal work or £250 cashback.
As part of a broad range of reductions for those looking for payment security with longer term fixed rates, 5 year fixed rate deals have also been reduced by up to 0.40%, with rates starting from 2.44% for new mortgage customers.
A wide range of 2 and 3 year fixed deals have also been reduced. The 2 year fixed rates now start at 1.74% for new mortgage customers and both 3 year fixed rates and the 4 year fixed rate Flexclusive deals, available only to Nationwide’s main current account customers, both now start at 2.24%.
Existing mortgage customers benefit from at least an additional 0.10% discount on all new customer rates, with 2 year fixed rates for existing customers now starting at 1.64% - Nationwide’s lowest ever fixed rate.
Richard Napier, Nationwide’s Director of Mortgages and Savings, said: “There has been a growing trend of customers opting for longer term fixed rates to ensure certainty of monthly mortgage payment, particularly ahead of any rise in interest rates, with the recently-introduced 10 year fixed rate mortgages proving a popular addition to the range .This competitive range of new fixed rate mortgage deals is likely to appeal to both first time buyers and those looking to remortgage by ensuring longer term security of mortgage payments.”
Key highlights include:
New 2.94% ten year fixed rate up to 60 per cent LTV with £999 product fee (2.84% for existing Nationwide mortgage customers)
First time buyers pay a reduced product fee of £499
Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback
New 2.44% five year fixed rate up to 60 per cent LTV with £999 product fee (2.34% for existing Nationwide mortgage customers)
First time buyers pay a reduced product fee of £499
Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback
New 1.74% two year fixed rate up to 60 per cent LTV with £999 product fee (1.64% for existing Nationwide mortgage customers)
First time buyers pay a reduced product fee of £499
Remortgage borrowers receive a free standard valuation and the choice of either free standard legal fees or £250 cashback
Nationwide also continues to offer its Loyalty Rate Mortgages initiative, which compares the Society’s mortgage rates for existing customers with those of its top six high street competitors and guarantees to offer the lowest comparative rate for those looking for a new deal.
The Loyalty Rate Mortgages changes are as follows:
Two year fixed rates
90 per cent LTV 2 year fixed rate with £999 fee reduced by 0.20% to 3.34%.
90 per cent LTV 2 year fixed rate with no fee reduced by 0.20% to 3.74%.
Five year fixed rates
80 per cent LTV 5 year fixed rate with £999 fee reduced by 0.20% to 3.14%.
80 per cent LTV 5 year fixed rate with no fee reduced by 0.20% to 3.34%.