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Nationwide and Abbey launch new mortgage deals

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by Gill Montia

Nationwide has cut rates on a range of its mortgages and is offering a two-year fixed-rate deal at 3.88% for home movers, at a maximum loan-to-value ratio (LTV) of 70%.

A two-year tracker is available from 2.94% (up to 70% LTV), and for a three-year tracker, rates start at 3.14% for (up to 75% LTV).

For those remortgaging and with at least 40% of equity in their homes, the lender is offering a two-year fix from 4.17%.

They can otherwise opt for a two-year tracker from 3.08% (up to 60% LTV) or a three-year tracker available from 3.26% (up to 60% LTV).

Homeowners switching at the end of an existing Nationwide deal can avail themselves of a two-year fixed rate of 3.79% (up to 95% LTV), or a three-year fix at 4.49% (up to 95% LTV).

All loans have a non-refundable booking fee of £99 and a reservation fee of £896.

The building society’s mortgage director, Andy McQueen, says: “We’ve cut nearly 70 individual rates on our mortgages by up to 0.80% … we’ve also extended the availability of some of our lowest 60% LTV rates … meaning house purchasers and first time buyers with a smaller deposit now have access to some of our lowest rates.”

Meanwhile, Abbey has launched a range of Homebuyer mortgages aimed at first-time buyers, and with no upfront costs.

Both legal and valuation fees are taken care of, potentially saving borrowers £1,650, the lender says.

Director of Abbey Mortgages, Nici Audhlam-Gardiner, says: “We remain committed to helping first-time buyers … we have combined very competitive rates with a massive saving in up front fees and various options for fixed or tracker rates to give first-time buyers the options they need.”

Available via mortgage intermediaries, rates start at 3.29% for a two-year tracker at 75% LTV; 3.99% for a two-year fixed rate at 70% LTV; 5.79% for two-year fixed rate at 80% LTV and 5.99%, for a three-year fix at 85% LTV.

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News posted: October 3, 2009

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