Nationwide still offering 4.17% two-year fixed mortgage and sub-4.10% five-year fixes
The scale of mortgage rate increases has slowed over the last few weeks following the fixed rate price hikes brought on by the Budget and rising inflation.
Nationwide for Intermediaries offers a two-year fixed-rate mortgage at 4.17% and the lender has a five-year fix at just below 4.10%. These rates undercut many of the other big banks and building societies.
Nationwide’s most competitive rate is 4.17%, and it is available for homebuyers to borrow between £300,000 and £5 million. There is a £1,499 arrangement fee, and applicants must make a 40% deposit to qualify. The sub 4.10% five-year fix has the same minimum and maximum loan sizes and the same arrangement fee.
Aaron Strutt, product director at Trinity Financial, says: "Mortgage rates have been edging up recently, and while they are more expensive, they still offer reasonable value for money.
"It seems unlikely the Bank of England base rate will come down again following the inflation rate going up, but this doesn't mean fixed rates won't come down again early next year."
Representative example: A capital and interest Nationwide mortgage of £1,000,000 payable over 30 years, initially on a two-year fixed rate basis at 4.17% for two years and then on the lender's 7.49% standard variable rate for the remaining 28 years. The 4.17% rate would require 24 monthly repayments of £4,872.68 followed by 336 payments of £6,873.27. The total amount repayable would be £2,427,942.04 made up of the loan amount, plus interest (£1,426,361.35) and £1,499 (product fee), £65 (final repayment charge), £15 (completion fee). The overall cost for comparison is 7.1% APRC representative.
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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