Nationwide cuts remortgage rates

From Friday 20 August 2010, Nationwide will reduce rates by up to 0.20% on selected remortgage products.

The rate cuts will improve the competitiveness of Nationwide's remortgage range and the average cut will be 0.15%.

The remortgage product range from Nationwide will include the following:

Two-year fixed rate reduced by 0.19% available at 3.39% (up to 70% LTV)

Three-year fixed rate reduced by 0.09% available at 4.09% (up to 70% LTV)

£896 product fee
£99 booking fee (payable upfront and non-refundable)
No standard valuation or standard legal fees
New customers can borrow up to 85% LTV

Two-year fixed rate reduced by 0.19% available at 3.79% (up to 70% LTV)

Two-year fixed rate reduced by 0.19% available at 4.29% (70-75% LTV)

No product fee
£99 booking fee (payable upfront and non-refundable)
No standard valuation or standard legal fees
New customers can borrow up to 85% LTV

Andy McQueen, divisional director for mortgages and general insurance at Nationwide, said: "We are reducing rates by up to 0.20% across our range of products which is great news for customers seeking to remortgage.  For example, our two-year fixed rates are now particularly attractive, starting from 3.39% for customers wanting a mortgage of up to 70% of the property value."

Discounts

Cash-back offers and discounts remain available.

Existing customers who take a new Nationwide mortgage when either moving home or switching at the end of their deal can receive £300 cash-back, while first time buyers can receive a £500 product fee discount on selected products.