Nationwide: New 5 Year Fixed Rate Mortgage Deals

Nationwide have today reduced the rates on their 5 year fixed rate mortgage by up to 0.31%.

The 5 year mortgage rates are being cut for those buying a home and for those remortgaging.

Remortgaging

The rate reductions are varied depending on the Loan to Value (LTV) required, for example

• Up to 70% LTV – interest rate now from 4.88%, reduced by 0.26%
• 70 – 75% LTV – interest rate now from 5.44%, reduced by 0.24%

New customers can borrow up to 85% LTV. There’s a £99 booking fee payable upfront and non-refundable and a £896 product fee. There are no valuation and legal fees as standard.

For those buying a home

As with the 5 year mortgages for those remortgaging, the rate reductions are varied depending on the LTV required. For those looking to borrow

• Up to 70% LTV – 5 year rates available from 4.68%, a reduction of 0.31%
• 70 – 75% LTV – 5 year fixed rates are availbale from 5.24%, a reduction of 0.20%

New customers can borrow up to 85% LTV and existing customers who are moving home can borrow up to 95% LTV. There’s a £99 booking fee payable upfront and non-refundable and an £896 product fee. There is a £500 discount on the product fee for first time buyers.

Andy McQueen, divisional director for mortgages and general insurance at Nationwide, said “I’m pleased to announce that we have reduced rates on our five-year fixed rate mortgage products” and added “In particular, our five-year fixed rate mortgages available up to 75% LTV for house purchasers are now among the lowest rates in the market.”