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Nationwide increases switcher mortgage rates

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  • 03/11/2020
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Nationwide increases switcher mortgage rates
Nationwide Building Society has increased rates on product switches by 0.35 per cent while mortgages at 60 per cent loan to value (LTV) have been reduced by as much as 40 basis points.

 

All rate changes are effective from 4 November. 

The product switches which have been increased are the two-year fixed at 0-60 per cent LTV which has increased 0.05 per cent to 1.59 per cent.  

The fee paying two-year fixed at 75-80 per cent LTV has gone up by 0.1 per cent to 1.64 per cent while the fee-free option has risen 0.35 per cent to 2.19 per cent. 

A fee-free ten-year fixed at 85-90 per cent LTV is now 3.59 per cent, a 0.25 per cent increase and the £999 fee option is up by 0.25 per cent to 3.49 per cent. 

 

Rate cuts 

Across its first-time buyer and house purchase range, the two-year fixed product is 1.34 per cent, a reduction of 0.4 per cent, while the two-year tracker is now 1.64 per cent down from 1.84 per cent. 

The five-year fixed offering is now 1.44 per cent, a 0.35 per cent cut. All these mortgages have a £999 fee. 

For remortgages, the five-year fixed with a £1,499 fee is now 1.39 per cent and the £999 fee equivalent has a rate of 1.44 per cent, both seeing reductions of 0.1 per cent.  

For shared equity purposes, the two-year fixed has been reduced by 0.3 per cent to 1.44 per cent and the five-year fixed has seen a 0.15 per cent reduction to 1.74 per cent. 

The two-year tracker has been reduced by 0.2 per cent to 1.64 per cent. All these mortgages have a fee of £999.  

Henry Jordan, Nationwide’s director of mortgages, said: “With rates continually changing across the mortgage market at all LTVs, it’s important that Nationwide, as the UK’s second biggest lender, continues to offer attractive mortgage rates on both fixed and tracker mortgages.  

These latest changes will ensure we do so, while also re-affirming our support for borrowers with larger deposits.” 

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