Nationwide Building Society has announced the introduction of a new two-year tracker mortgage.
The new finance option, which is available from today, carries an interest rate starting at 4.99 per cent for a 60 per cent loan-to-value (LTV) and a reservation fee of £995.
Those who opt for a 75 per cent LTV can expect to pay 5.19 per cent interest.
According to the lender, the mortgage has the benefit of not requiring compulsory insurance and offers flexibility with over and underpayments.
Commenting on the new offering, director of mortgages at Nationwide Matthew Carter stated: “We are pleased that we are in a position to re-enter the tracker mortgage market with a new two-year deal.”
The mortgage may be of interest to those considering switching from a fixed-rate to a tracker mortgage as part of a debt management plan.
Abbey recently cut the rates of its five-year fixed-rate mortgages, taking up to 0.45 per cent off 60 and 75 per cent LTV deals.
By Tom Musk