UK banking group Nationwide Building Society has released details of a new two year tracker mortgage for home buyers, offering competitive rates from 4.49%, available from March 28, 2007.
A key feature of the product is its ability to ‘switch and fix’ onto a fixed rate mortgage at any time without incurring early repayment charges, making it ideal for borrowers who wish to protect themselves against potential interest rate rises.
The new mortgage has a reservation fee of GBP1,999. Existing Nationwide customers will qualify for a GBP200 loyalty discount.
Stuart Bernau, Nationwide’s executive director, said: Our new tracker product has been designed to suit people moving home who prefer to opt for a shorter term deal, with a lower rate and higher fee. It would suit borrowers with larger mortgages and offers great value compared to similar products in the market.