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This compares with a typical United Kingdom bank standard variable mortgage rate of 6.95percentnt.
Policymakers expect the average standard variable rate mortgage to settle at around 5.5%.
After the fixed period the deal will revert to National Counties' standard variable rate, currently 4.79%.
It has decided to cut its standard variable mortgage rate by 0.35%, taking it to 3.89%.
You repay at the standard variable rate on your mortgage, over whichever period you choose.
Standard variable tariff prices consistently fluctuate, making it harder for suppliers to budget".
If you're at Nationwide, go on to its 2.5% standard variable rate (SVR).
Most importantly, it would have covered 70% of households on standard variable rates.
You pay 2.16% off the standard variable rate, giving an initial pay rate of 5.59%.
It said it would write to those on standard variable tariffs and provide details of its best deals.
The energy regulator said last month that 66% of all households remained on expensive standard variable tariffs.
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