Nationwide launches five year tracker mortgage

The new mortgage deal will track the Bank of England base rate for five years with rates from 3.89% (base rate plus 0.39%). It will be available from 1 August 2003 to new and existing borrowers and is the lowest deal of its kind from a major high street lender.

The 5 year tracker will:

offer additional choice from the Nationwide range which also includes its lowest ever fixed rate mortgages and the lowest Base Mortgage Rate for nearly 50 years (July 1955);

appeal to borrowers who want the certainty that their mortgage rate will mirror changes in the Bank of England base rate;

suit borrowers who want flexible features from a mortgage - including overpayments, underpayments, payment holidays, draw downs and additional flexible borrowing; and

be available to both new and existing borrowers - in contrast to the approach of most other lenders.