Nationwide launches new mortgage products

14 May 2008

Nationwide has unveiled changes to its two and five-year fixed-rate mortgage products, it has been revealed.

Effective from May 16th, the firm's two-year fixed-rate deal for house purchasers now has a £599 fee and charges interest rate from 5.95 per cent upwards.

This compares to its previous offer which had an interest rate of 6.10 per cent and £499 fee.

Meanwhile, the five-year fixed-rate deal has a £599 charge and interest rate of 5.85 per cent.

Matthew Carter, divisional director for mortgages for Nationwide, said: "Recent reductions in money market swap rates mean we are able to reduce the rates on our two-year and five-year fixed-rate mortgages."

He stated that such a move is "good news" for those looking to remortgage, homeowners and people coming towards the end of their existing mortgage deals.

Those looking for a two-year fixed-rate deal for either remortgaging or additional borrowing purposes are also privy to a £599 fee as well as an interest rate of 6.15 per cent.

Earlier this week, the building society revealed that those consumers who purchase their building and contents insurance policies together will benefit from a 20 per cent discount.