UK-based Nationwide Building Society has announced that it is launching a new product range, effective March 18, 2009.
The society said that for those buying a home, the range will include a two-year fixed rate available from 3.88% up to 60% loan to value (LTV); a three-year fixed rate available from 4.33% up to 75% LTV; and a three-year tracker rate available from 3.78% up to 60% LTV. In addition, a new LTV tier of 75% to 80% has been introduced for those moving home.
For those remortgaging or switching at the end of their deal, the society will offer a three-year fixed rate available from 4.38% up to 60% LTV; a two-year tracker rate available from 3.93% up to 60% LTV; and a three-year tracker rate from 3.78% up to 60% LTV.
Nationwide said that maximum borrowing for the range is GBP500,000. Loans between GBP500,00 and GBP1m are available on fixed rate mortgage deals up to 60% LTV for new customers and 85% LTV for existing customers, the society added.
Previously, the Society announced that it was cutting the price of its fixed rate mortgage deals by up to 0.20%. The society decided to reduce its two-, three- and five-year fixed rates for new borrowers, remortgagors and existing borrowers who would switch at the end of their current deal.
