News Column

Nationwide Cuts Three-Year Fixed Rate Mortgages to as Low as 2.69%

Jan 15 2013 12:00AM

Marketwire

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LONDON, UNITED KINGDOM -- (Marketwire) -- 01/15/13 -- From Friday 11 January, Nationwide Building Society is reducing its three and five-year fixed rates by 0.10 per cent.

Tracie Pearce, Nationwide's Head of Group Mortgages, Product & Pricing, said: "We are welcoming in the New Year with some exciting new mortgage rates.

"All customers can benefit from the reductions. It means the introduction of three-year fixed rates at just 2.69 per cent, and five-year fixed rates at 2.99 per cent. Existing customers still get access to our best deals, priced 0.10 per cent below our new rates.

"It comes within days of the Society announcing rate cuts for those looking to buy a new build property and proves Nationwide is truly open for business."

Nationwide's mortgage range now includes:

Three-year fixed rate available for new customers at 2.69% (up to 60% LTV), 2.59% for existing customers

- GBP 900 product fee for house purchase, remortgage and existing customers moving home

- GBP 400 product fee for first-time buyers

- GBP 99 booking fee (payable upfront and non-refundable)

Three-year fixed rate available for new customers at 4.59% (up to 90% LTV), 4.49% for existing customers

- GBP 900 product fee for house purchase, remortgage and existing customers moving home

- GBP 400 product fee for first-time buyers

- GBP 99 booking fee (payable upfront and non-refundable)

Five-year fixed rate available for new customers at 2.99% (up to 60% LTV), 2.89% for existing customers

- GBP 900 product fee for house purchase, remortgage and existing customers moving home

- GBP 400 product fee for first-time buyers

- GBP 99 booking fee (payable upfront and non-refundable)

Notes to editors

-- Applications are required for all products. Further details of terms and conditions are available on request.-- Mortgages are subject to underwriting criteria.-- Main FlexAccount customers benefit from exclusive mortgage offers. For eligibility criteria: http://www.nationwide.co.uk/current_account/account_benefits.htm



Key features of the fixed and tracker mortgage product range for new applications

-- Flexibility: -- Overpayments (no minimum; maximum of GBP 500 per month on fixed and tracker mortgage deals). -- Apply for a Further Advance, the additional borrowing facility.-- Valuation fee: -- Varies based on purchase price of property and not product chosen. -- Non-refundable for home buyers and home movers. -- No standard valuation fees or standard legal fees for borrowers who are remortgaging.-- Free legal fees for house purchase cover the conveyancer's professional charges relating to the house purchase only when using one of our panel legal firms. The customer will be liable for some additional fees relating to the disbursements, e.g. Land Registry fees and local authority searches. Due to Northern Irish law, Nationwide is unable to offer free legal fees for house purchase in Northern Ireland.-- Maximum LTV: -- Lending above 85% LTV is available on two, three, four and five-year fixed rate mortgages. -- Lending above 90% LTV is available on three, four and five-year fixed rate mortgages. -- 95% LTV mortgages are available to: -- Existing Nationwide mortgage borrowers switching at the end of their current deal or moving home. -- Save to Buy customers. -- NewBuy customers. -- 90% LTV mortgages are available to: -- Existing Nationwide mortgage borrowers switching at the end of their current deal or moving home. -- First-time buyers and home movers. -- First-time buyers can access 95% LTV products through Save to Buy and NewBuy. -- 75% on new build flats and 85% on new build houses (90.01% to 95% LTV for approved NewBuy housing providers).-- Base Mortgage Rate -- Any mortgage products reserved on or before 29 April 2009 will revert to the Base Mortgage Rate (BMR). If the borrower chooses to switch to a new Nationwide mortgage product, the new product will currently revert onto our Standard Mortgage Rate (SMR). -- Both are variable rates which we may vary in accordance with our mortgage terms and conditions. However, the BMR is guaranteed to be no more than 2% above the Bank of England base rate, whilst the SMR has no upper limit or cap. If the borrower chooses to switch to a new product, it is not possible to switch back to the BMR at a later date.-- Standard Mortgage Rate -- Mortgage products reserved on or after 30 April 2009 revert to the Standard Mortgage Rate (SMR). -- The SMR is a variable rate which may vary in accordance with Nationwide's mortgage terms and conditions.-- All mortgages reserved on or before 3 March 2010 include the option to apply for a payment holiday and borrow-back facility. Any mortgages reserved after this date will no longer include these facilities.-- If the borrower is currently letting their property they will be unable to switch to a new mortgage deal and their mortgage will automatically revert to the Nationwide variable rate as stated in their mortgage offer.-- Early repayment charges for fixed rate and tracker mortgages Throughout the deal period, a percentage of the outstanding loan is payable as detailed below. Overpayments of up to GBP 500 per month are permitted without the need to pay an early repayment charge. - Two-year fixed rate mortgage: 3% - Three-year fixed rate mortgage: 4% - Four-year fixed rate mortgage: 4% - Five-year fixed rate mortgage: 5% - Two-year tracker rate mortgage: 2.5% - Three-year tracker rate mortgage: 3%



About Nationwide Building Society

Nationwide is the world's largest building society as well as the second largest savings provider and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million members.

Since the credit crunch began in 2007, Nationwide has remained profitable against a very difficult economic environment. In the half year ending September 2011 Nationwide made a strong underlying profit of GBP 172 million - up 17% from the previous year.

Customers can manage their finances in branch, on the telephone, internet and post. The Society has around 16,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

Find recent press releases and photos at the Nationwide Media Centre: www.nationwide.co.uk/mediacentre.



Contacts:
Nationwide Building Society
Myra Butterworth
01793 655773
myra.butterworth@nationwide.co.uk

Nationwide Building Society
Michelle Slade
01793 657225
michelle.slade@nationwide.co.uk
www.nationwide.co.uk





Source: Marketwire


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