Nationwide 5yr fixed rate?

Swiss_Toni

Hi

We have been looking at long term fixed rate repayment mortgages and were considering a Nationwide offer;

When we looked a week ago, they offered 4.79% fixed for 5 years on a 70% repayment, looking today, they have a deal at 4.39% for the same 70% 5yrs - this seems to be heading in the opposite direction to other lenders???

Is there any way of working out when the 4.39% offer started?

Thanks!

dimbo61

Ring them up in the morning and check if its still available ?
Thats a very good deal for a 5 year fix at 4.39% ( whats the fee?) and gives you long term security.
I would take the deal and overpay the £500 a month allowed ( please check about overpayments) but I want rid of my mortgage ASAP

property.advert

I read yesterday that historic rates for 5 year fixes were in the 3.7% range but I cannot really see them heading to that level again. 4.39% is a great rate for now. Excel can tell you where rates would need to go to to make this a bad deal but remember to factor in the insurance premium for peace of mind's sake.

Thrugelmir

Press release.

Date issued: 17 Mar 2011

NATIONWIDE LAUNCHES BEST BUY FIVE-YEAR FIXED RATE AT 4.39% (UP TO 70% LTV)
Nationwide improves selected fixed rate mortgages

From Thursday 17 March 2011, Nationwide is to improve interest rates on selected fixed rate mortgages for house purchase, remortgage and switcher customers. This includes the market-leading five-year fixed rate at 4.39% available up to 70% LTV (details below), which competes with a number of lenders' SVRs ¹.

Rates will be reduced by up to 40bps and the average interest rate reduction will be 30bps.

Key changes:

Five-year fixed rates will improve across all LTV tiers for house purchase, remortgage and switcher customers
Three-year fixed rates will improve across all LTV tiers for house purchase and remortgage customers. The three-year fixed rates for switcher customers will remain unchanged and lower than the rates for house purchase and remortgage
A new 50% LTV tier on two-year fixed rates for house purchase, remortgage and switcher customers will be introduced. The interest rates for all existing LTV tiers on two-year fixed rates will remain unchanged
Fixed rates include:

Five-year fixed rate at 4.39% (up to 70% LTV) – house purchase, remortgage and switcher

£900 product fee, £99 booking fee (payable upfront and non-refundable)
No standard valuation or standard legal fees for remortgage customers
New customers can borrow up to 85% LTV with rates starting from 5.89%

Two-year fixed rate at 3.44% (up to 50% LTV) – house purchase and remortgage



£900 product fee, £99 booking fee (payable upfront and non-refundable)
No standard valuation or standard legal fees for remortgage customers
New customers can borrow up to 85% LTV with rates starting from 5.29%


Three-year fixed rate at 3.99% (up to 70% LTV) – house purchase and remortgage

£900 product fee, £99 booking fee (payable upfront and non-refundable)
No standard valuation or standard legal fees for remortgage customers. House purchase customers can get the same deal if they are main FlexAccount customers ²
New customers can borrow up to 85% LTV with rates starting from 5.49%

kingstreet

Nationwide;-

Upto 70% LTV, there's 4.39% fixed for 5 years with £999 fee and another with £499 fee for first time buyers.

For smaller mortgages, there's 4.59% fixed for 5 years, fee free.

Their re-price took place on 16/03/11.

pledgeX

I also saw this and was quite excited as we were planning to get their 5 year fixed at 4.79% in the next few weeks.

Anyone know why they've dropped it so much? Looks to me to be at least 0.5% better than anyone else which is a massive amount. I wonder if any other lenders will follow suit... That would be nice!

Thrugelmir

pledgeX wrote: »

Anyone know why they've dropped it so much? Looks to me to be at least 0.5% better than anyone else which is a massive amount. I wonder if any other lenders will follow suit... That would be nice!

Makes a headline to attract business. There are only limited funds available in each tranche.