Nationwide has revealed the launch of its latest product, a 10 year fixed rate mortgage, available up to 60% loan to value (LTV) with a rate of just 2.99%. Other 10 year fixes from the lender include a 70% LTV product available at 3.09% or from 3.29% up to 75% LTV, both with a £999 fee.
5 year fixed rates now start from 2.19% up to 60% LTV. The lender also offers a 2 year fixed rate at 3.89%, a 3 year fixed rate from 4.39% and a 5 year fixed rate from 4.69%, all accessible up to 95% LTV.
This follows the additional news that Nationwide will be applying cuts to mortgage rates by up to 0.25% across a selection of ranges, in order to reduce the cost for borrowers in need of longer-term payment security. This new 10 year fixed rate product also marks one of the most competitive on the currently saturated market, which includes fee-free valuations and £250 cashback for customers with an existing Nationwide current account. First time buyers can also receive £500 cashback to help support the cost of moving with this product.
Elsewhere, existing customers can continue to benefit from a 0.1% discount on new customer rates, with Nationwide also offering a core range for all other mortgage applicants. Remortgage customers, for example, can now borrow up to 85% LTV, with free standard valuation and a choice between free legal work or £250 cashback.
The lender’s latest rate cuts apply to products across its fixed rate mortgage range, as well as new tracker rates, including deals with 2, 3, 5 and 10 year terms.
2 year tracker rates at 70% LTV from Nationwide have now been reduced by 0.05%. This includes a rate of 1.44% with a £999 fee or 1.84% with no fee, as well as a rate of 1.49% with a £999 fee and 1.89% with no fee. all up to 75% LTV. Tracker rate products are also available up to 80% and 85% LTV, with reductions of 0.15% to 1.54% or 1.64% at 85% LTV, both with a £999 fee.