Nationwide Building Society has reduced the rates on selected mortgages by up to 0.25%. One of the deals to benefit from a rate cut was its two-year variable tracker mortgage, which has earned an 'excellent' rating as a result.
This mortgage now has a competitive variable rate of 2.24% (base rate + 1.74% for 24 months). It is available at a loan-to-value (LTV) of 90% and has a fee of £999.
Homebuyers with a modest deposit of 10% are welcome to apply for this deal, which is accompanied by an incentive package of free valuation for all borrowers and a £500 rebate for first-time buyers. Borrowers are also able to take advantage of flexible repayment options: both overpayments and underpayments are permitted, provided certain conditions are met.
This tracker deal boasts a competitive rate, which will appeal to borrowers in possession of only a small deposit. The fact that it also offers an enticing incentive package, particularly for first-time buyers, further sweetens the deal and ensures that it fully deserves its 'excellent' rating.
Moneyfacts rating: Excellent
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