Details announced for Nationwide fixed-rate mortgages

Details for the new Nationwide fixed-rate mortgages have now been announced, with the company launching what it says is the lowest two-year fixed rate from any top ten lender.

The rates include a two-year fixed-rate with reservation fee from 4.69 per cent, down from 4.95 per cent, and without reservation fee from 5.09 per cent, down from 5.35 per cent.

The three and five-year fixed-rates are the same, from 4.89 per cent down from 5.09 per cent with reservation fee and 5.29 per cent down from 5.49 per cent without reservation fee.

Finally a ten-year fixed-rate can be had from 4.99 per cent, down from 5.09 per cent. The rate without reservation fee for this longer-term rate is 5.39 per cent, down from 5.49 per cent.

Stuart Bernau, Nationwide's executive director, said that the company's competitive fixed-rate mortgages were some of the "lowest available", which he said was good news for homebuyers and those wanting to remortgage.

"With Nationwide, borrowers' savings will also continue into the future as our standard variable rate betters the major players in the mortgage market by 75 basis points," he added.

The fixed-rate and tracker mortgages are available to all borrowers and are flexible, allowing overpayments or underpayments to be made during the period of the deal.