View more on these topics

Nationwide shaves fixed rates and tracker loans

Nationwide Building Society has made slight reductions in the rates on its fixed-rate and tracker mortgages.

Its two-year fixed rate goes down from 4.81 per cent to 4.79 per cent while the three-year fix rate is cut from 5.11 per cent to 5.09 per cent from 5.11 per cent and the five-year fix from 5.31 per cent to 5.29 per cent. The two-year tracker is now available at 4.04 per cent from a previous rate of 4.09 per cent, with its three-year tracker at 4.14 per cent, down from 4.19 per cent, and the five-year tracker at 4.24 per cent, down from 4.39 per cent.

Key features include flexible overpay and underpay features on all new loans and the option of taking a payment holiday.

Media relations manager Jennifer Williams says: “All new mortgage products are available to new and existing borrowers. New borrowers and all existing Nationwide members moving home get 12 months&#39 free mortgage payment protection insurance when they take out a new Nationwide mortgage.”


GMAC deal better for remortgages

GMAC RESIDENTIAL FUNDING Two-Year Express Discount Type: Discounted-rate mortgage Discounted term: Until April 1, 2006 Discount: 1.85% Payable rate: 3.89% Minimum loan: £25,001 Maximum loan: Up to 90% of valuation subject to a maximum of £350,000, up to 85% of valuation subject to a maximum of £500,000, up to 75% of valuation subject to a […]

&#39Banks will fail to take IFA sales&#39

Market analyst Datamonitor has rejected the widely held notion that banks will be the big winners as a result of depolarisation, saying they will fail to take significant market share from IFAs. Its research published this week finds that the regime relaxation will favour IFAs over the banks, which will struggle to take further market […]

Backing for home-reversion regulation

The Treasury should extend the regulation of equity release to home reversion schemes, the vast majority of respondents to its consultation closing this week believe. With more than 50 responses received, most – including Sofa, the National Consumer Council and the Financial Services Consumer Panel – support the FSA regulating the entire equity release market.

Standard Life Bank moves into profit

Standard Life Bank has moved into profit for the first time, reporting profits of £4.6m a year ahead of expectations. Mortgages under management grew from £7.2bn to £8.7bn and gross mortgage lending rose from £3.1bn to £3.4bn. SLB says it is well placed for future growth, as it now has the ability to access all […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment