In a rate reduction across their entire 2 year fixed rate range, Nationwide Building Society have launched their lowest ever fixed rate mortgage - a new 1.94% (the overall cost for comparison is 3.9% APR) 2 year fixed deal for anyone with at least 40% equity. The mortgage comes with a £999 arrangement fee and is subject to standard 3% Early repayment charges if repaid within the fixed term.
Unfortunately it's only available to existing customers, while those of us with other lenders can take a 2.04% (4% APR) deal with £900 product fee, and first-time buyers with a reduced product fee of £400. Or for those with smaller loans the 2.44% (4.5% APR) with no product fee might be more favourable. A non-refundable booking fee of £99 is attached to both loans.
All products revert to Nationwide's standard variable rate, currently at 3.99%.
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