Nationwide lowers residential mortgage rates by up to 0.43% and launches five-year fix at 4.43%
Nationwide for Intermediaries has launched a sub-4.5% five-year fixed mortgage, intensifying the price war.
The 4.43% mortgage is fixed for five years and available to borrowers purchasing a property. Applicants will need a 40% deposit to qualify, and the maximum loan size is £5 million. Nationwide's equivalent remortgage product is 0.25% higher.
After the fixed period, the mortgage reverts to the lender's current 7.99% standard variable rate, and there is a £999 arrangement fee. The overall cost for comparison is 6.8% APRC representative.
Aaron Strutt, product director at Trinity Financial, says: “Nationwide was not the only lender to lower rates this week. Coventry for Intermediaries, TSB, HSBC, and Santander have all reduced rates. Nationwide launched a sub-5% recently, which gives borrowers more options, especially if they want a shorter-term mortgage deal.
“Nationwide has a habit of lowering its mortgage rates after Bank of England base rate increases, and this time the lender launched this rate just after the Autumn Statement, which did not have much in for buyers, homeowners or the property market in general.”
Representative example: A capital and interest mortgage of £500,000 payable over 30 years, initially on a fixed rate basis for five years at 4.43% and then on the bank's standard variable rate currently 7.99% for the remaining 25 years, 4.43% would require 60 monthly repayments of £2,510.53 followed by 300 payments of £3,508.54. The total amount repayable would be £1,204,277.80 made up of the loan amount, plus interest (£705,971.81 and £999 (product fee), £65 (final repayment charge), £25 (completion fee). The overall cost for comparison is 6.8% APRC representative.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
