Nationwide fee-free member mortgage offer

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Nationwide fee-free member mortgage offer

Fri 21st Sep 2007

Nationwide is thanking existing customers of its mortgage products with a brand new loyalty offer.

Borrowers may be considering switching mortgages as interest rate increases start to influence the market, but by switching to Nationwide's five-year mortgage, existing customers can save £599 in fees.

As well as avoiding arrangement costs, customers can benefit from a "market-leading" five-year fixed-rate of 5.95 per cent, before switching to a competitive 7.24 per cent.

Nationwide claims that the deal will be particularly attractive to borrowers whose two-year fixed-rate deals are maturing.

In August 2005 - around which time those loans would have been taken out - the average rate for such products was 4.56 per cent. It is now 6.41 per cent, according to the bank.

Earlier this month, Nationwide recommended that people coming to the end of their fixed-rate term on their mortgages ought to consider remortgaging to avoid a big increase in payments.

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