Nationwide is the latest lender to enter the rate war by launching a four-year fix at 2.89 per cent but it is not available through brokers.
From tomorrow the deal is available at 60 per cent LTV with a £900 fee and comes hot on the heels of a NatWest five-year fix available at 2.95 per cent at 60 per cent LTV launched yesterday.
It is only available to customers who hold a Nationwide FlexxAccount as their primary current account and has a lower £400 product fee for first-time buyers.
There is also a £99 booking fee and free standard legals and valuation.
Nationwide head of group mortgages, products and pricing Tracie Pearce says: “For Nationwide, market-leading headline rates aren’t just about attracting new customers. We want to ensure that those who have the deepest relationships with the Society benefit most, and are rewarded for their loyalty.
“It’s yet another example of being ‘on your side’ and is at the heart of everything we do.”
It has also launched a four-year fix at 3.19 per cent at 60 per cent LTV with no product fee, a £99 booking fee and free standard legals and valuation.
A rate war is now in full swing with Santander launching a five-year fix at 2.99 per cent earlier this month as lenders rushed to match HSBC when it launched the lowest ever five-year fix at 2.99 per cent earlier this month.