Nationwide launches new tracker mortgage for home buyers

Nationwide Building Society has announced details of a new two year tracker mortgage for home buyers - available from 4.49% - one of the lowest rates on the market.

One of the key features of this product is the ability to ‘switch and fix’ onto a fixed rate mortgage at any time without incurring early repayment charges, making it ideal for those borrowers who may wish to protect themselves against potential interest rate rises.

The product, which is available from 28 March, has a reservation fee of £1,999. There is a loyalty discount of £200 for existing Nationwide mortgage customers. As with all Nationwide mortgages, the fee can be paid upfront or added to the loan.

Stuart Bernau, Nationwide’s executive director, said: “Our new tracker product has been designed to suit people moving home who prefer to opt for a shorter term deal, with a lower rate and higher fee. It would suit borrowers with larger mortgages and offers great value compared to similar products in the market."