Nationwide reduces rates

The UK’s largest building society Nationwide is to reduce the rate of its fixed rate mortgages for loans of up to 70per cent loan-to-value (LTV).

From today (11 July) the rates will drop by 0.10 per cent, though fixed rates above 70 per cent LTV and tracker mortgages below 70 per cent LTV will remain unchanged and trackers at 75 per cent, 80 per cent and 85 per cent LTV will increase 0.10 per cent.

Nationwide head of group mortgages Tracie Pearce said: “Our range of fixed rate mortgages has proved particularly popular as customers seek the security of fixing their mortgage payments for the future, and as a result we’re really focused on keeping our rates as competitive as possible.

“Being ‘On your side’ is a long term commitment and reflects not just our competitive headline rates, but our approach to upfront costs and longer term servicing as well – and it’s the whole package that makes a real difference to our customers .”

The new rates include a two-year fixed rate mortgage at 3.29 per cent on a 60 per cent LTV with a £900 product fee a £99 booking fee and a £400 discounted product fee for first-time buyers.

A five-year fixed rate available at 3.79 per cent on a 70 per cent LTV will feature a £450 product fee, £99 booking fee and £200 discounted product fee for first-time buyers.