The biggest UK building society has cut its two-year fixed rate by 0.19% which is now offered at 3.39% with a fee, or 3.79% fee-free up to 70% LTV. Its three-year fixed rate will be reduced by 0.09% to 4.09%.
Against competitors, Nationwide’s 70% LTV product tops the best rate table at 3.79, compared with 4.37% from Abbey, 4.24% from C&G and 3.99% from Northern Rock.
Andy McQueen, divisional director for mortgages and general insurance at Nationwide, said: “We are reducing rates by up to 0.20% across our range of products which is great news for customers seeking to remortgage. For example, our two-year fixed rates are now particularly attractive, starting from 3.39% for customers wanting a mortgage of up to 70% of the property value.”
The mutual is offering a £300 cashback to existing customers moving home or switching, with a £500 discount offered to first time buyers.