Financial Times - Nationwide offers its lowest-ever fixed rate
Nationwide Building Society has increased the temperature in the mortgage price war this week with the launch of its lowest-ever fixed rate mortgage offer.
Woolwich/Barclays, has made an appeal to the wealthier buyer by increasing the maximum loan size on its two- and five-year fixed rate deals from a £2m to £3m. Its five-year deal requires a deposit of 35 per cent and a fee of £1,999.
Bigger loan sizes and free tablets are two of the ways in which lenders are going beyond rate cuts to attract new business. Aaron Strutt, product manager at broker Trinity Financial, said wealthier borrowers were increasingly turning to the high street for larger mortgage loans in order to get around private banks’ typical requirement that they transfer up to 50 per cent of the loan amount in assets before they lend.
“At the moment swap rates are so low that the lenders are able to offer some really impressive rates and this is good news for borrowers looking for larger mortgages, especially if they want to buy a property or switch to a better deal,” he said.
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