by Mark Johnston
Nationwide Reduces its Mortgage Rates Again!
Research has revealed that competition in the market is growing, bringing with it benefits to consumers shopping around for the mortgage deal to best suit their needs.
According to accountancy firm KPMG, the UK’s building societies are getting back to ‘business as usual’ following the stresses of the financial crisis.
The Nationwide Building Society is a British mutual financial institution, the largest building society in the world. It is a member of the Building Societies Association (BSA) and the Council of Mortgage Lenders (CML).
The lender state that they are committed to being a responsible lender, they offer products and lending criteria designed to meet consumer’s individual needs.
They also provide clear information on the cost of borrowing, any fees and charges. As they are a mutual they are able to assess a borrower’s ability to make regular payments and repay the loan, using appropriate credit assessment techniques, before providing credit.
Recently Nationwide has announced it is reducing interest rates across its fixed and tracker mortgage range for both new and existing customers.
The mutual has reduced all its 2 year fixed rates available up to 60 per cent loan to value (LTV) by 0.10 per cent, and those up to 70 per cent loan to value (LTV) by 0.15 per cent for new applications.
A new 2.04 per cent or 1.94 per cent for existing Nationwide mortgage customers two year fixed rate is available up to 60 per cent loan to value (LTV). The deal comes with a £400 product fee for first time buyers and £900 product fee for other borrowers.
This is the first time the building society has offered a fixed rate lower than 2 per cent.
Another new two year fixed deal is also available with a rate of 2.44 per cent or 2.34 per cent for existing Nationwide mortgage customers. This deal is available up to 60 per cent loan to value (LTV) with no product fee.
On all these deals those remortgaging receive a free standard valuation and the choice of either free standard legal fees or £250 cash back. A non-refundable booking fee of £99 is payable on reservation.
Nationwide is also to reduced all 80 per cent loan to value (LTV) mortgage rates by up to 0.3 per cent and all 75 per cent loan to value (LTV) mortgage rates by up to 0.15 per cent. All two year and three year fixed rate 85 per cent loan to value (LTV) and 90 per cent loan to value (LTV) products will see a rate reduction of 0.05 per cent.
Tracie Pearce, head of group mortgages at Nationwide, said: “These reductions clearly demonstrate our commitment to supporting our customers, both new and existing and whatever the size of their deposit, offering consumer choice.”
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