Rates for the 2 year fixed products at 90 per cent loan to value (LTV) are reduced by 0.10% to 1.89% with a £999 fee and 2.29% with no fee.
Rates for the 3 year fixed rate products at 90 per cent loan to value (LTV) are reduced by 0.10% to 2.14% with a £999 fee and 2.44% with no fee.
Rates for the 5 year fixed rate products at 90 per cent loan to value (LTV) are reduced by 0.10% to 2.29% with a £999 fee and 2.49% with no fee.
Henry Jordan, Nationwide’s Director of Mortgages, said: “By improving the competitiveness of our 2, 3 and 5 year fixed rate products, we are aiming to support those mortgage customers looking for payment security.”
Nationwide offers a range of additional benefits for first time buyers, home movers and those remortgaging to the Society. All standard mortgage valuations are fee-free, while first time buyers receive a £500 cashback to help with costs and those remortgaging to the Society can choose between £500 cashback or free standard legals.
Notes to Editors:
Key features of Nationwide’s fixed and tracker mortgage product range for new applications
1. Flexibility:
- Overpayments (maximum of 10% of the initial amount borrowed per annum where an ERC applies to the product. Where a product is not subject to an ERC, there is no maximum overpayment allowance).
- Apply for a Further Advance, the additional borrowing facility.
2. Free Standard Valuation:
- All standard valuations are fee free.
3. Maximum LTV:
- 95% LTV mortgages are available to:
- First-time buyers and home movers.
- Existing Nationwide mortgage borrowers switching at the end of their current deal or moving home.
- Save to Buy customers.
- Maximum 75% LTV on new build flats and 85% LTV on new build houses
4. Base Mortgage Rate:
- Any mortgage products reserved on or before 29 April 2009 will revert to the Base Mortgage Rate (BMR). If the borrower chooses to switch to a new Nationwide mortgage product, the new product will currently revert onto our Standard Mortgage Rate (SMR).
- Both are variable rates which we may vary in accordance with our mortgage terms and conditions. However, the BMR is guaranteed to be no more than 2% above the Bank of England base rate, whilst the SMR has no upper limit or cap. If the borrower chooses to switch to a new product from a BMR, it is not possible to switch back to the BMR at a later date.
- All mortgages reserved on or before 3 March 2010 include the option to apply for a payment holiday and borrow-back facility. Any mortgages reserved after this date will no longer include these facilities.
- If the borrower is currently letting their property they will be unable to switch to a new mortgage deal and their mortgage will automatically revert to the Nationwide variable rate as stated in their mortgage offer.
5. Early repayment charges (ERCs):
If you repay a mortgage early or make an overpayment of more than your overpayment allowance, you may need to pay an Early Repayment Charge. For Nationwide mortgages reserved after 8 October 2014, you would need to pay a percentage of the outstanding loan amount as follows:
| Fixed Rate Deal Period | |||||
|---|---|---|---|---|---|
| 2 years | 3 years | 4 years | 5 years | 10 years | |
| Year 1 | 2% | 3% | 4% | 5% | 7% |
| Year 2 | 1% | 2% | 3% | 4% | 7% |
| Year 3 | 1% | 2% | 3% | 7% | |
| Year 4 | 1% | 2% | 7% | ||
| Year 5 | 1% | 6% | |||
| Year 6 | 5% | ||||
| Year 7 | 4% | ||||
| Year 8 | 3% | ||||
| Year 9 | 2% | ||||
| Year 10 | 1% | ||||
- ERCs don’t currently apply to our Tracker Rate mortgages.
About Nationwide
Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.
Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.
