Lenders cut current rates and introduce new fixed rate deals

Nationwide has cut its fixed rate residential mortgages by up to 20 basis points, while Saffron For Intermediaries has launched a limited edition five-year fixed rate mortgage for purchase or remortgage.

Nationwide has made reductions to a range of its two, three and five-year fixed rate deals on its 85%, 90% and 95% loan to value (LTV) mortgages.

The lender’s 95% LTV deals will start at rates from 3.99%(5.1%APRC) for a two-year fixed rate mortgage.

Customers looking for a 90% LTV deal will be offered rates starting at 2.49%(4.7APRC), while those wanting a secure an 85% LTV deal will have access to rates from 1.94%(4.6%APRC).

Nationwide also offer five-year fixed deals starting at: 2.99%(4.7%APRC) for an 85% LTV mortgage, 3.29%(3.8%APRC) for a 90% LTV mortgage and 4.79%(5.5%APRC) for a 95% LTV mortgage.

All products carry a fee of £999, but Nationwide is scrapping fees on all mortgage valuations and first-time buyers will be offered £500 cashback.

Nationwide Flex main current account holders who take out a Nationwide mortgage will also be eligible for an additional £250 cashback.

Henry Jordan, head of mortgages, Nationwide, said:

“We are reducing rates for those with smaller deposits who are looking for competitive rates and payment security over a range of terms, with a focus on first time buyers who will continue to qualify for a £500 cashback.”

Saffron for Intermediaries meanwhile has launched a limited edition five-year fixed rate residential mortgage for purchase or remortgage.

Available up to 75% LTV, the new mortgage deal comes with a £1,495 arrangement fee.

Anita Arch, head of mortgage sales, Saffron For Intermediaries, said:

“We’re delighted to be launching this highly competitive five-year fixed rate deal, which enables borrowers to lock into today’s low interest rates.

“Borrowers will also benefit from Saffron’s individual underwriting which is not dependent on credit scoring and intermediaries will receive a fast and efficient service.”