Nationwide launches new mortgage deals

By Nia Williams

02 Oct 2009

Its mortgage range will now include the following:

For those buying a home:

Two year fixed rate available from 3.88% (up to 70% LTV)
Two year fee-free fixed rate available from 4.28% (up to 70% LTV)
Two year tracker available from 2.94% (up to 70% LTV)
Three year tracker available from 3.14% (up to 75% LTV)

New customers on the above loans can borrow up to 80% LTV, with existing borrowers who are moving home able to borrow up to 95% LTV. There is a £896 reservation fee unless the deal specifies that it is fee free.

For those remortgaging:

Two year fixed rate available from 4.17% (up to 60% LTV). Current customers can borrow up to 85% LTV
Two year tracker available from 3.08% (up to 60% LTV). Current customers can borrow up to 75% LTV
Three year tracker available from 3.26% (up to 60% LTV). Current customers can borrow up to 75% LTV

There is a £896 reservation fee on the above loans.

For those switching at the end of an existing Nationwide deal:

Two year fixed rate available at 3.79% (up to 95% LTV)
Three year fixed rate available at 4.49% (up to 95% LTV)

There is a £995 reservation fee on the above loans.

Two year capped tracker available from 2.99% (up to 95% LTV)

There is a £999 reservation fee on loan sizes up to £149,999. It is capped at 3.99%. It is also available at 3.14% with a £1,499 reservation fee on loan sizes between £150,000 and £500,000, capped at 4.14%

Andy McQueen, mortgage director at Nationwide, said: "We've cut nearly 70 individual rates on our mortgages by up to 0.80%. For example, our two year fixed rate with no reservation fee for house movers has been reduced from 4.88% to 4.28% and our two year fixed rate with an £896 reservation fee at 85% LTV is reduced from 6.44% to 5.88%, making both products highly competitive.

"We've also extended the availability of some of our lowest 60% LTV rates to make them available to people with 25% or 30% deposits on selected products, meaning house purchasers and first time buyers with a smaller deposit now have access to some of our lowest rates.

"Existing customers switching products with limited equity also continue to benefit from one rate regardless of their LTV tier on the one, two and three year products. Furthermore, a capped tracker range is still available to help those who want to remain on a variable rate product with the guarantee that their rate will not go above 3.99%."