Nationwide offering 4.66% two-year fix mortgage but its cheapest tracker rate is lower
Tags: Large loan remortgages, Large mortgage loans, Remortgages
Quick Summary
Nationwide is offering a competitive 4.66% two-year fixed mortgage for loans between £300,000 and £5 million, with a £1,499 fee and a required 40% deposit. For smaller loans up to £300,000, the rate is about 4.70% with a £999 fee. However, Trinity highlights that Nationwide’s two-year tracker is cheaper at the moment, priced at 0.39% above the current 3.75% Bank of England base rate. Aaron Strutt says many lenders are charging more than 4.66%, though some tracker rates remain lower. The article also notes that mortgage products are changing rapidly, with average shelf-life falling to eight days in March. Overall, the piece suggests borrowers should compare fixes and trackers carefully before choosing.
Nationwide Building Society is offering some of the most competitively priced two, three, five and ten-year fixed-rate mortgages. Although Nationwide's two-year tracker mortgage undercuts its fixes because it is priced at 0.39% over the current 3.75% Bank of England base rate.
Nationwide's 4.66% two-year fixed rate is available for mortgages between £300,000 and £5 million, and there is a £1,499 arrangement fee. Applicants will need a 40% deposit to qualify, and the rate is around 4.70%, with a £999 fee for mortgages up to £300,000.
Aaron Strutt, product director at Trinity Financial, says: "Most of the lenders are offering higher rates than 4.66%, although there are some lower trackers. Nationwide's three and five-year fixes are priced around 4.8%, but its trackers are lower. The tracker also has a lower arrangement fee, and it is available to borrowers with a 40% deposit raising between £25,000 and £5 million. The next Bank of England base rate decision is on 30 April 2026.
"There haven't been as many mortgage rate changes over the last week, but according to the latest UK mortgage trends treasury report, the average shelf-life of a mortgage in March fell to a record low of just eight days, down from 14 days in February."
Moneyfacts finance expert Rachel Springall was quoted as saying: “The tide could turn once the markets feel more confident about future rate pricing, but borrowers who are due to come off a deal soon will be incredibly frustrated by mortgage rate hikes. If someone took out a typical mortgage now, compared to the start of March, it would cost them around £1,800 a year more in repayments on a two-year fixed deal.”
Representative example for Nationwide's 4.66% rate: A capital and interest Nationwide mortgage of £500,000 payable over 30 years, initially on a 4.66% fixed rate for two years and then on a variable rate of 6.49% for the remaining 28 years, would require 24 monthly repayments of £2,589.00 followed by 336 monthly repayments of £3,137.56. The total amount repayable would be £1,116,356.16.
This amount is illustrative and may vary, made up of the loan amount, plus interest (£614,842.63) and £1,499 (product fee), £65 (final repayment charge), £15 (completion fee). The overall cost for comparison is 6.2% APRC representative.
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The information contained within was correct at the time of publication but is subject to change.
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