Lender reduces the rates of selected fixes by up to 55bps
Nationwide Building Society has announced rate reductions on its fixed mortgage products by up to 55 basis points (bps), with new rates effective from today, August 9.
New customers moving home can benefit from rate cuts of up to 45bps across selected two-, three-, and five-year fixed rate products up to 95% loan-to-value (LTV). These products include a 5.64% five-year fixed rate at 60% LTV, a 5.99% three-year fixed rate at 75% LTV, and a 6.14% two-year fixed rate at 60% LTV – all with a £999 fee.
For first-time buyers, there are reductions of up to 0.55% across selected two-, three-, and five-year fixed products up to 95% LTV, including a 5.64% five-year fixed rate at 60% LTV, a 6.24% two-year fixed rate at 75% LTV, and a 6.09% three-year fixed rate at 60% LTV – all with a £999 fee.
For those remortgaging, Nationwide – one of the UK’s largest mortgage lenders – is offering products with reduced rates of up to 0.35% across selected two-, three-, and five-year fixes up to 90% LTV, including a 5.64% five-year fixed rate at 60% LTV, a 6.19% two-year fixed rate at 75% LTV, a 6.09% three-year fixed rate at 90% LTV – all with a £999 fee.
The mutual said it was also reducing selected two-, three-, and five-year fixed rates for existing customers moving home by up to 30bps.
Meanwhile, rates on its range of two-year trackers will increase by 0.25% in line with the product terms, given the recent bank rate rise.
Full details of all rates included in these latest changes can be accessed online through the lender’s intermediaries website.
“These latest changes build on the reductions we made last week for existing customers,” stated Henry Jordan, director of home at Nationwide Building Society. “With swap rates having fallen from their early July peak and stabilised somewhat, we are now able to reduce rates for new customers.”
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