Lender launches new tracker mortgage

Nationwide has announced the launch of a new mortgage deal as it expands its portfolio of products.

The lender has unveiled a new two-year tracker mortgage with an interest rate of 4.99 per cent and a reservation fee of £995.

It will be available to customers from this coming Monday, December 1st.

The product is available for amounts of up to £500,000 and a maximum loan-to-value of 75 per cent, with the flexibility to overpay on any given month by up to £500.

Commenting on the new product, Nationwide's divisional director of mortgages Matthew Carter said: "We are pleased that we are in a position to re-enter the tracker mortgage market with a new two-year deal."

It is the latest new product launch following the announcement this week by Woolwich that it is introducing a new tracker deal pegged at 1.99 per cent above the Bank of England base rate.