Nationwide cuts two-year fix by 0.40%; ups product switches

Essex Home Finance
Nationwide has made a series of cuts to its fixed rate and tracker products at 60 per cent LTV while upping rates elsewhere.
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Nationwide has made a series of cuts to its fixed rate and tracker products at 60 per cent LTV while upping rates elsewhere.

The most eye-catching cut is the 0.40 per cent cut from the 60 per cent LTV first-time buyer and house purchase product, taking it to 1.34 per cent.

Also within this LTV category, the five-year fix has had 0.35 per cent removed, taking it to 1.44 per cent, and the two-year tracker has been reduced by 0.20 per cent, leaving it at 1.64 per cent.

All of the above products charge a £999 fee.

For 60 per cent remortgages, the five-year fix with £1,499 fee has been reduced by 0.10 per cent, leaving it at 1.39 per cent, and the five-year fix with £999 fee has had 0.10 per cent cut too, taking it to 1.44 per cent.

Some shared equity products have received similar treatment with, at 60 per cent LTV, the two-year fix being cut by 0.30 per cent to 1.44 per cent, the five-year fix by 0.15 per cent to leave it at 1.74 per cent, and the two-year tracker being cut by 0.20 per cent to give 1.64 per cent. All command a £999 fee.

As well as these cuts, the building society has increased rates on a number of its higher LTV switcher products by up to 0.35 per cent.

A selection includes the 80 per cent LTV two-year fix with zero fee going up by 0.35 per cent to make it 2.19 per cent, the 90 per cent LTV two-year fix with zero fee increasing by 0.25 per cent to charge 3.24 per cent, and the 95 per cent LTV two-year tracker with zero fee receiving a 0.35 per cent increase to take it to 3.54 per cent.

Nationwide director of mortgages Henry Jordan says: “With rates continually changing across the mortgage market at all LTVs, it’s important that Nationwide, as the UK’s second biggest lender, continues to offer attractive mortgage rates on both fixed and tracker mortgages.

“These latest changes will ensure we do so, while also re-affirming our support for borrowers with larger deposits.”

Original Article from Mortgage Strategy 03/11/20

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