Rates across its fixed and tracker mortgage range were slashed by up to 0.70%
Nationwide Building Society has further reduced rates across its fixed and tracker mortgage range by up to 0.70 percentage points, effective today, February 16.
For those looking to remortgage, the lender has made rate reductions of up to 0.19% across two-, three-, and five-year fixed and two-year tracker rate products up to 90% loan-to-value (LTV), including:
- Five-year fixed rate at 60% LTV with a £999 fee - rate reduced by 0.19% to 3.99%
- Five-year fixed rate at 60% LTV with no fee - rate reduced by 0.11% to 4.18%
- Two-year tracker rate at 60% LTV with a £999 fee - rate reduced by 0.05% to 4.24%
As part of the lender’s existing mortgage member pricing pledge that switcher products will have the same or lower rate than their remortgage equivalents, Nationwide is also reducing rates on selected switcher products by up to 0.41%, with rates starting from 3.94%.
First-time buyers also benefit from rate cuts of up to 0.70% across selected two-, three-, and five-year fixed and two-year tracker products up to 95% LTV, including:
- Five-year fixed rate at 95% LTV with a £999 fee - rate reduced by 0.60% to 4.99%
- Five-year fixed rate at 95% LTV with no fee - rate reduced by 0.70% to 5.09%
- Five-year fixed rate at 90% LTV with a £999 fee - rate reduced by 0.15% to 4.59%
- Two-year fixed rate at 80% LTV with a £999 fee - rate reduced by 0.15% to 4.84%
Nationwide’s first-time buyer mortgages also come with a £500 cashback, while those looking to remortgage to the society can choose between a £500 cashback or free standard legal fees.
For new customers moving home, the mutual implemented rate reductions of up to 0.55% across selected two-, three-, and five-year fixed and two-year tracker rate products up to 95% LTV, including:
- Five-year fixed rate at 95% LTV with a £999 fee - rate reduced by 0.45% to 4.99%
- Two-year fixed rate at 90% LTV with a £999 fee - rate reduced by 0.10% to 5.09%
- Five-year fixed rate at 60% LTV with a £999 fee - rate reduced by 0.18% to 4.14%
- Two-year tracker rate at 85% LTV with a £999 fee - rate reduced by 0.20% to 4.44%
For Nationwide’s existing members moving home, the lender also reduced rates by up to 0.55% on two-, three-, and five-year fixed and two-year tracker rate products up to 95% LTV. Shared equity rates up to 80% LTV are also being reduced by up to 0.20%.
Those looking to borrow more benefit from reduced rates on selected two-, three-, and five-year fixed and two-year tracker rates on the lender’s additional borrowing range by up to 0.41%, while the rate on green additional borrowing is also being reduced by 0.24% with the rate now 3.94%.
Full details of all rates included in the latest changes are available online through the lender’s website.
“These latest changes mean we will have reduced rates for the fourth time this year and now have a sub-4% rate for those looking to remortgage and a sub-5% rate for first-time buyers,” Henry Jordan (pictured), director of home at Nationwide Building Society, said in a post announcing the rate changes. “In a continually moving market, we always aim to remain competitive across the board for first-time buyers, home, and those looking to remortgage.
“We have also reduced rates on our switcher range to support those coming to the end of their existing deal. With switcher rates now starting at 3.94%, these latest reductions ensure we maintain our existing mortgage member pricing pledge, meaning our switcher products will be the same or lower than our equivalent remortgage rates.”
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