Nationwide Building Society will be launching a sub-1% five-year fixed rate mortgage on Wednesday 21 July. The new product at 60% Loan-to-Value (LTV) at 0.99% with a £1,499 fee is available to those looking to move home or remortgage.
At the same time, the Society is expanding its mortgage offering with the launch of a new three-year fixed-rate mortgage range at various LTV options from 60% through to 95% (85% for remortgage). Rates on the range start from 0.94% and match the equivalent rates on the Society’s two-year fixed mortgages. The new products come with both no fee and £999 fee options and will be available to first-time buyers and those remortgaging as well as new customers and existing members who are looking to move home.
Nationwide is also reducing rates on Wednesday 21 July on other selected mortgages across its two and five-year fixed-rate range by up to 0.40 percentage points. The new rates include:
- First-time buyers: reductions of up to 0.40% across selected two and five-year fixed rate products up to 95% LTV. This includes:
- Two-year fixed rate at 90% LTV reduced by 0.35% to 2.44%, with a £999 fee.
- Two-year fixed rate at 90% LTV reduced by 0.30% to 2.74%, with no product fee.
- Two-year fixed rate at 95% LTV reduced by 0.24% to 3.35%, with a £999 fee.
- New customers moving home: reductions of up to 0.40% across selected two and five-year fixed rate products up to 95% LTV. This includes:
- Two-year fixed rate at 90% LTV reduced by 0.35% to 2.34%, with a £999 fee.
- Two-year fixed rate at 90% LTV reduced by 0.40% to 2.59%, with no product fee.
- Two-year fixed rate at 95% LTV reduced by 0.19% to 3.35%, with a £999 fee.
- Remortgage: reductions of up to 0.30% across selected two and five-year fixed rate products up to 85% LTV. This includes:
- Five-year fixed rate at 75% LTV reduced by 0.20% to 1.29% with a £999 fee.
- Two-year fixed rate at 85% LTV reduced by 0.30% to 1.99% with a £999 fee.
For the Society’s existing members moving home, Nationwide is reducing rates by up to 0.30% on selected two and five-year products up to 95% LTV.
Nationwide is also reducing selected further advance, family deposit mortgage and switcher rates between 60% and 95% LTV by up to 0.80%.
Full details of all rates included in these latest changes can be found here.
Nationwide’s first-time buyer mortgages also come with £500 cashback, while those looking to remortgage to the Society can choose between £500 cashback or free standard legal fees.
Henry Jordan, Nationwide’s Director of Mortgages, said: “As the country’s biggest building society, it’s important that we continue to play a leading role in supporting people not only into a home of their own, but as they move on to their next home. That is why we are launching the sub-1% five-year fixed rate mortgage for both new customers and existing members either moving home or switching product – something we feel will give them greater certainty over their payments for a longer period.
“The significant reductions we’re making across a wide range of our mortgages demonstrates our ongoing support for all types of borrowers and, by expanding our range with the launch of new three-year products, we are also giving them even more choice when they come to make that decision on how long to fix that mortgage rate.”
