Nationwide’s two, three, five and ten year fixed mortgages all priced at 2.24%

by Aaron Strutt

Apr 12 2022

Nationwide for Intermediaries has taken the highly unusual step of pricing its cheapest two, three and five-year and even ten-year fixes at the same rate. 

In its latest mortgage reprice the lender increased its short-term fixes and tracker by up to 0.25% while increasing its five-year fixes by up to 0.4%. 

Nationwide’s mortgages are available to borrowers purchasing a property although the first-time buyer and remortgage rates are slightly more expensive. The 2.24% fixed rates have £999 arrangement fees, and applicants will need a 40% deposit to qualify.   

After the fixed period, Nationwide's mortgages revert to the lender's 3.99% standard variable rate and the maximum loan is capped at £1 million.    

Aaron Strutt, product director at Trinity Financial, says: “In the past many borrowers have been keen to take longer-term fixes but they have been put off by the premium lenders charge for the longer-term payment security. This is not an issue for those keen to secure a Nationwide mortgage at the moment.”  

If you wanted to take Nationwide’s five-year fix the costs would be: Representative example: A capital and interest mortgage of £300,000 payable over 30 years, initially on a fixed rate basis until 60 months at 2.24% and then on a standard variable rate of 3.99% for the remaining 25 years, 1.88% would require 60 monthly repayments of £1,145.21 followed by 300 payments of £1,386.14. The total amount repayable would be £485,638.60 made up of the loan amount, plus interest (£69,638.60) and £999 (product fee), £65 (final repayment charge), £30 (completion fee). The overall cost for comparison is 3.5% APRC representative.  

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.  Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage 

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation