Rates on fixed mortgage products will be slashed by up to 40bps
Nationwide Building Society has announced new rate cuts of up to 40 basis points (bps) on its fixed mortgage products.
From tomorrow, August 23, new customers moving home can benefit from rate reductions of up to 0.40% across selected two-, three-, and five-year fixes up to 95% loan-to-value (LTV). These include a 5.39% five-year fixed rate at 60% LTV with no fee, a 5.89% three-year fixed rate at 75% LTV with a £999 fee, and a 5.94% two-year fixed rate at 60% LTV with a £999 fee.
For first-time buyers, the major lender will be reducing rates by up to 35bps across selected two-, three-, and five-year fixed products up to 95% LTV, including a 5.44% five-year fixed rate at 60% LTV with no fee, a 6.04% two-year fixed rate at 75% LTV with a £999 fee, and a 5.94% three-year fixed rate at 60% LTV with a £999 fee.
For those remortgaging, there will be reductions of up to 0.15% across selected two-, three- and five-year fixed rates up to 90% LTV. These include a 5.49% five-year fixed rate at 60% LTV with a £999 fee, a 6.39% two-year fixed rate at 75% LTV with no fee, and a 6.30% three-year fixed rate at 90% LTV with no fee.
In addition to these, Nationwide is reducing selected two-, three-, and five-year fixed rates for existing customers moving home by up to 0.40%. Switcher and additional borrowing rates will be reduced by up to 0.10%.
Full details of all rates, reflecting the latest rate changes, can be viewed online through the lender’s intermediary website.
“As economic conditions continue to stabilise, we are able to make further cuts to our mortgage rates, building on the reductions we have made in recent weeks,” stated Henry Jordan, director of home at Nationwide Building Society.
Another high street lender, Santander, has earlier announced a new round of rate reductions of up to 0.20%, with the new rates going live today.
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