Nationwide has cut rates on selected fixed rate mortgages for house purchase, remortgage and switcher customers, including the five-year fixed rate offered at 4.39% available up to 70% LTV.
The rate competes with both Northern Rock’s SVR at 4.79% and Woolwich’s SVR at 4.99%, said the mutual, which has made an average reduction of 30 basis points to its fixed range.
However, the three-year fixed rates for switcher customers will remain unchanged.
The lender has also introduced a new 50% LTV tier on two-year fixed rates for house purchase, remortgage and switcher customers, but the interest rates for all existing LTV tiers on two-year fixed rates will remain unchanged.
Andy McQueen, Nationwide’s mortgages director, said on the launch of the 50% LTV tier: “We have seen an increase in demand for this type of product, particularly from people looking to remortgage, so we are simply catering for this specific need.”
