Nationwide Building Society makes changes to mortgage product range
22nd August 2008
Nationwide Building Society has announced certain changes to its mortgage product range, which include the reduction of fixed rates by up to 0.20%, effective August 28, 2008.
The other changes are: new five-year fixed rate with a GBP1,499 fee, available from 5.88% for house purchasers and 5.68% for remortgage, further advance and existing customers wishing to switch to a new deal; introduction of a new loan-to-value (LTV) tier at 60% LTV across all products; and borrowers may see a reduction in the tracker rate available, no change or a slight increase depending on their LTV tier.
According to Nationwide, for large loan borrowers with an LTV of up to 60% it will increase maximum borrowing from GBP500,000 to GBP1 million on all products except those with a reservation fee of GBP1,499, where the limit will remain at GBP500,000.
Matthew Carter, director of mortgages at Nationwide, said: "We are pleased to be in a position once again to reduce rates on a number of deals available to customers who are buying a home, remortgaging, switching their current mortgage deal or taking a further advance. These changes demonstrate our commitment to offering good value mortgage deals in what continues to be a challenging time in the market."