Strategic Finance
Natiowide new mortgages |
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| Strategic Finance | |
| Written by Paul Williams | |
| Monday, 30 March 2009 | |
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Nationwide follows last weeks announcement by Barclays that a new range of mortgages are available. Nationwide Building Society today announces that it is cutting the price of selected fixed and tracker rate mortgage deals by up to 0.25%. The announcement comes days after Woolwich, Barclays (LON:BARC) mortgage lending arm, announced that it is making cuts of up to 0.5 percentage points on its fixed and tracker mortgages, as well as its already offset mortgage. The Nationwide announcement indicates a further sign of strengthening competition in the market. Today The Royal Institute of Chartered Accountants (RICS) hinted that there were signs that the housing market could be turning around after citing strong figures released by the Bank of England on new mortgage lending. Nationwide Mortgage Deals With effect from 1 April 2009, the Society’s mortgage product range will include: Two year fixed rate available from 3.78% (up to 60% LTV) * New customers can borrow up to 85% LTV * Existing customers can borrow up to 95% LTV * £299 reservation fee for existing customers switching at end of current deal * £995 reservation fee for all other customers Three year fixed rate available from 4.28% (up to 60% LTV) * New customers can borrow up to 85% LTV * Existing customers can borrow up to 95% LTV * £299 reservation fee for existing customers switching at end of current deal * £995 reservation fee for all other customers (£745 for first time buyers) Five year fixed rate available from 4.78% (up to 60% LTV) * New customers can borrow up to 85% LTV * Existing customers can borrow up to 95% LTV * £299 reservation fee for existing customers switching at end of current deal * £995 reservation fee for all other customers Two year tracker rate available from 3.33% (up to 60% LTV) * New customers can borrow up to 80% LTV * Existing customers moving home can borrow up to 95% LTV * £995 reservation fee for all other customers Three year tracker rate available from 3.26% (up to 60% LTV) * Nationwide’s three year tracker is one of the most competitive in the market * New customers can borrow up to 80% LTV * Remortgage customers can borrow up to 75% LTV * Existing customers moving home can borrow up to 95% LTV * £995 reservation fee for all other customers (£745 for first time buyers) Andy McQueen, mortgage director at Nationwide, said: “Following recent movements in the money markets, we are pleased to be in a position to cut the price of our fixed and tracker rate mortgage deals. Our three tracker mortgage, available from 3.26%, is one of the most competitive in the market.” |
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