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Nationwide slices mortgage rates

[ Posted May 18th, 2012 ]

Although the warning from the Bank of England this week may have seemed to come at a bleak time when many homeowners are already struggling to meet their monthly mortgage payments, in some ways it could not have come at a better time.  This is due to the fact that the Bank of England is warning homeowners to take on fixed mortgages to protect themselves from the damage of the eurozone crisis and increased SVRs, and Nationwide has just released a new set of mortgage deals to the market after slashing their interest rates by a full .1%.

Nationwide has announced some of the best mortgage rates on the market by announcing the slash that now offers borrowers three new types of fixed mortgage deals that have all had their interest rate slashed by the .1%.  Each of these loans comes with a LTV that can be valued as high as 70% for those who may not have a large deposit or a large amount of equity in their home.  Plus, for new homeowners that are taking part in the governmental NewBuy Scheme it is even possible to get a LTV as high as 95% set for five years at only 5.99% which is a pretty good deal for a long term mortgage product.

The application fees attached with the new fixed mortgages are also all fairly reasonable which may be contributed to the fact that Nationwide is supporting the NewBuy Scheme launched by the government heavily in an intent to help first time home buyers get in on the market.  The bank has reduced their products fees by almost half since the start of the month allowing for some great deals all around on mortgage products for those who act now.

First time buyers can receive a mortgage after paying an application fee of only £200 while those who are remortgaging their homes or are moving can look at an application fee that is still set low at £450.  All of the home loans also come with an attached £99 booking fee but there is no completion fee making the rates competitively low when you factor in associated fees that other banks may offer.  Tracie Pearce of the banking institute stating that while other lenders are increasing rates, Nationwide is proud to remain competitive by reducing theirs and offering good news to customers instead.

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