New Nationwide tracker mortgage launched

Date:Wednesday 17th December 2008
Author: Max Freedman

A new two-year Nationwide tracker mortgage product has been released.

Other changes have also been made to Nationwide's mortgage range.

Existing customers who are moving home and need to borrow more at a higher loan-to-value (LTV) now have a greater selection of options.

Matthew Carter, divisional director of mortgages at Nationwide, said that this "will ensure that they continue to benefit from a range of fixed and tracker mortgage options".

Other features of the mortgage range include the option to overpay by a maximum of £500 a month.

There is no compulsory insurance and interest is calculated daily.

Earlier this month, following the one per cent cut in the Bank of England base rate, Nationwide said that it expected to relaunch its tracker mortgage range.

It said that existing customers on tracker mortgages and its fixed rate mortgage deals would not be affected.

But existing tracker mortgage holders would have the advantages of the base rate reduction.