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Nationwide and The Mortgage Works cut product rates

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  • 17/06/2021
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Nationwide and The Mortgage Works cut product rates
Nationwide has cut rates on a range of its first time buyer, homemover and remortgage products by up to 0.16 per cent.

 

The rate for its first time buyer two-year fixed product at 60 per cent loan to value (LTV) has been cut by 0.05 per cent to 0.99 per cent, and its two-year fixed at 90 per cent LTV has been reduced by 0.15 per cent to 2.89 per cent.

The first time buyer five-year fixed product at 75 per cent LTV has decreased by 0.05 per cent to 1.44 per cent and the five-year fixed at 95 per cent LTV has fallen by 0.01 per cent to 3.79 per cent.

On the homemover side, the two-year fixed at 60 per cent LTV has been cut by 0.05 per cent to 0.99 per cent and at 90 per cent LTV the rate has been reduced by 0.01 per cent to 2.84 per cent.

The lender’s homemover products at 85 per cent LTV has decreased by 0.15 per cent to 2.79 per cent and its five-year fixed at 60 per cent LTV has been reduced by 0.05 per cent to 1.14 per cent.

Nationwide’s two-year fixed remortgage product at 60 per cent LTV has been slashed by 0.16 per cent to 1.28 per cent and the rate for its 75 per cent LTV has been cut by 0.05 per cent to 1.29 per cent.

The mutual’s five-year fixed remortgage product at 60 per cent LTV has been reduced by 0.05 per cent to 1.14 per cent.

Nationwide is also reducing rates by up to 0.11 per cent on select homemover two and five-year fixed rates at 95 per cent LTV.

The mutual has reduced rates on further advance, family deposit mortgage and switcher rates by up to 0.11 per cent too.

Nationwide’s mortgages director Henry Jordan said: “The mortgage market remains highly competitive, which is why we are reducing our rates again to ensure that we can continue to remain one of the best lenders in the market for rate as well as service.

“Whether someone is buying a new home or remortgaging their existing property we have a range of competitive mortgages on offer, including sub-one per cent rates.”

 

The Mortgage Works cut BTL rates and launches purchase and remortgage products

Buy to let (BTL) specialist The Mortgage Works has also cut select remortgage rates by up 0.3 per cent.

Its five-year fixed at up to 65 per cent LTV has been reduced to 1.69 per cent from 1.99 per cent, and the rate at 75 per cent LTV has been cut by 0.25 per cent to 1.94 per cent.

Both the above products are subject to £1,995 fee.

The lender has also introduced BTL mortgages for purchase and remortgage with rates starting from 1.69 per cent.

This includes two-year fixed product at 65 per cent LTV, which has a rate of 1.69 per cent and the equivalent at 75 per cent LTV priced at 1.99 per cent.

There is also a five-year fixed at 65 per cent LTV with a 1.94 per cent rate and five-year fixed at 75 per cent LTV, priced at 2.29 per cent. Both are subject to a £995 fee.

Head of The Mortgage Works, Daniel Clinton, said: “As one of the biggest buy to let lenders in the UK, we always seek to offer landlords a wide range of options. Our new products will give more choice to landlords looking to purchase a new property or remortgage to the society.

“At the same time, we are reducing other products in the range to ensure we maintain our competitive position in the market.”

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