With effect from 21 January the society will reduce the rates on its two, three and five year fixed rate mortgages. The society is also withdrawing its five year fixed rate mortgage with £1,999 fee and making changes to the loan to value (LTV) tiers on its mortgages.
In addition to this, Nationwide will extend the choice of mortgage products available to existing borrowers who are switching at the end of their current deal at higher loan to values (LTVs). These changes will be effective from 21 January 2009.
Matthew Carter, divisional director of mortgages at Nationwide, said: “Recent reductions in swap rates have enabled us to cut the price of our fixed rate mortgage deals by up to 1.00%. The financial climate remains volatile so we will continue to monitor market conditions, offering lower mortgage rates and deals where it is prudent to do so.”
