Nationwide launches new fixed rate mortgages

Nationwide has launched two new fixed rate mortgages and a new capped tracker mortgage.

Nationwide has launched new 1 year and 4 year fixed rate mortgages.

For existing Nationwide customers, a 1 year fixed rate mortgage is available from 3.59% with up to 95% LTV.

The 1 year mortgage deal is also available for existing and new customers moving home with rates from 3.99%.

There’s a £495 reservation fee on the new 1 year mortgage deals.

The 4 year fixed rate mortgages are available to new and existing customers, with rates varying depending on whether you are an existing customer and what LTV you need. The best rate available is 5.28% which applies up to 60% LTV.

A £995 reservation fee applies on the 4 year fixed deals.

The new 3 year capped tracker mortgage, with up to 95% LTV, is available for existing Nationwide customers switching at the end of their deal.

There’s a £699 fee for mortgages up to £150,000 and £1,499 for those between £150,000 and £500,000.

As Andy McQueen, mortgage director at Nationwide, comments ‘Our capped variable rate products are available to existing Nationwide customers who are switching at the end of a deal. As well as a competitive rate, they provide borrowers with the added assurance that payments will not go beyond a certain level should interest rates rise during their deal term.’

All tracker and capped products from Nationwide have a ‘floor’. This means if the Bank of England base rate falls to 0.00% or less during the tracker period, the rate the borrower pays will not go below 0.00% + the additional percentage rate of the tracker.

A maximum of £500 can be overpaid each month on fixed, tracker and capped tracker mortgage deals without incurring any early repayment charges.