Nationwide Reduces 5 and 25 year fixes

KTF

Just in case anyone was going to sign up today...

Nationwide Building Society announced today that it is cutting the price of some of its fixed rate mortgage deals to make them some of the most competitive rates available. With effect from 26 October 2007, five year fixed rate deals will be available from 5.63%. In addition, the fee for home buyers and remortgagors taking a five year fixed rate deal is being reduced by £100 to £499. At the same time Nationwide is cutting the rate on its 25 year fixed rate mortgage, which will now be available from 5.98%.
The new rates are as follows:
Home mover

• Five year fixed rate (with £499 fee) available from 5.63% (previously 5.85% with £599 fee)
• 25 year fixed rate for home movers (with £599 fee) available from 5.98% (previously 6.34%)

Remortgage and additional borrowing

• Five year fixed rate (with £499 fee) available from 5.63% (previously 5.98% with £599 fee)
• 25 year fixed rate (with £599 fee) available from: 5.98% (previously 6.34%)

Exclusive switcher only deal

• Five year fixed rate (no fee) available from 5.63% (previously 5.98%

Nationwide will withdraw the current products at 11.59pm on Thursday 25 October 2007.

From: http://www.nationwide.co.uk/mediacentre/PressRelease_this.asp?ID=1098

mose_2

Im on the look out for a fixed rate this one looks very good, compared to woolwich (who im currently with) which is offering 5 year fix 5.95% £1095 fee.

Spangled

Although I don't have the 25-year Nationwide mortgage, the one feature which I've always found appealing about it is that early repayment charges are only in effect for the first ten years.

So it's great if you're settling into a property for the long haul - you get the security of a reasonably competitive fixed rate for the first ten years and then are free to remortgage at no penalty after that if rates have shot down. But if rates have shot up, simply stay on the fix. And after the first ten years you can then make unlimited overpayments to reduce your outstanding balance/term. Best of both worlds, IMO.

pollyanna24

Until Nationwide announced this, I was thinking of moving to the Britannia 5.39% 5 year fix, but shall stay with Nationwide if this kind of deal is still on in February when I can change.

I like the idea of a 10 year fix, and the 25 year one sounds great, but bf wants to only take out a 5 year fix, as "we don't know what we'll be doing that far ahead."

Still for no fees, I'll be happy with the 5 year one if the rate stays the same. Only on a 2 year fix now and yep, I wish I'd taken out a longer one at the time.

Woby_Tide

pollyanna24 wrote: »

Until Nationwide announced this, I was thinking of moving to the Britannia 5.39% 5 year fix, but shall stay with Nationwide if this kind of deal is still on in February when I can change.

I like the idea of a 10 year fix, and the 25 year one sounds great, but bf wants to only take out a 5 year fix, as "we don't know what we'll be doing that far ahead."

Still for no fees, I'll be happy with the 5 year one if the rate stays the same. Only on a 2 year fix now and yep, I wish I'd taken out a longer one at the time.

does your deal expire in February or is that when your 3 month 'changeover' period with nationwide begins. If the former then you could start your application for the new deal in December then put the February date on it for when it comes into effect if you think their rates may go back up before that point