Mortgage Rates

Nationwide Constructing Society launches new 0.99% mortgage fee offers for present owners

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The Nationwide Building Society has introduced a new 0.99% mortgage rate for homeowners looking to convert their debt.

The two year fixed rate contract is available to borrowers with a high deposit of 40% and also has a fee of £ 1,499.

Henry Jordan, Director of Mortgage at Nationwide, said, “We are pleased to introduce an interest rate of less than 1% for those looking to reschedule.”

The building society also lowers the interest rates on other selected mortgages by up to 0.20 percentage points, including some products for first-time buyers.

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The changes were announced when financial information website Moneyfacts.co.uk said there are signs of competition in the mortgage market in general, with homeowners potentially saving thousands of pounds by switching from a standard adjustable rate mortgage (SVR).

The average SVR in the market is 4.41% according to Moneyfacts.

Borrowers end up on their lender’s SVR when their first mortgage contract ends.

The average two-year fixed-rate mortgage across all deposit sizes is 2.58%.

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Rachel Springall, Financial Specialist at Moneyfacts.co.uk, said: “The situation appears to be getting better in the last few weeks as both price competition and product volume return.”

She added, “The best deal also depends on the overall package. While there are some two-year fixed-rate mortgages as low as 0.99%, they may not be the most attractive in terms of actual cost.”

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