Nationwide launches new mortgage rates

02 March 2006
Nationwide is launching a range of new mortgage deals, claiming they are significantly better vale than much of the competition available.

Its fixed rate mortgage and tracker products have had their rates cut by up to 0.15 per cent, with a five-year fixed rate mortgage from 4.69 per cent and a three-year tracker starting at the same rate.

The building society compares these with other high street mortgage lenders such as Abbey and Northern Rock, whose five-year fixed rates currently start at 4.84 per cent and 4.95 per cent respectively.

Nationwide also offers a lower reservation fee than Northern Rock and there is no higher lending charge for loans over 75 per cent of the value of the property (LTV).

Executive director, Stuart Bernau, said: "Many borrowers focus only on headline rates and don't realise additional fees and charges mean that they may not be receiving as good a deal as they think they are."

He added that interest was charged on a daily rather than monthly basis, with all products available to all customers.

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