Nationwide offering sub 4.35% five-year fix for mortgages between £300,000 and £5 million
Banks and building societies have been busy making mortgage rate changes in recent weeks, but hopefully, the scale of the recent price hikes has slowed down and there may soon be some pricing improvements.
Santander was the last major lender to announce it was raising some of its fixed rates by between 0.04% and 0.33%. However, many of the lenders have raised their prices recently.
There is still a selection of competitively priced rates available, although the leading ones tend to be five-year fixes. Borrowers who want a shorter-term fix for flexibility will pay slightly more.
Nationwide for Intermediaries recently adjusted its policy to offer some of its most competitive two—and five-year fixed rates to borrowers looking for mortgages between £300,000 and £5 million.
The building society currently offers a sub-4.8% two-year fix and a sub-4.35% five-year fix for borrowers with 40% deposits purchasing a property. These rates have £1,499 arrangement fees, which are not much more expensive for borrowers with 25% deposits.
Aaron Strutt, product director at Trinity Financial, says, "The lenders know the only real way of issuing more mortgages is to lower their rates. Nationwide is not the first lender to offer its lowest products to those looking for larger mortgages.
"We are getting used to the lenders offering cheaper rates to borrowers purchasing rather than remortgaging. They are trying to get the property moving and attract more customers."
Trinity's client, Phoebe Walker, was interviewed in The Times after saving a large deposit and opting for a Nationwide Helping Hand mortgage product, which enabled her to borrow up to 5.5 times her salary.
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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