And the society will be adding a 2-year fixed rate to its 95% LTV range to accompany the existing 3 and 5-year options which will no longer include a £900 product fee.
Andrew Baddeley-Chappell, head of mortgage strategy and policy at Nationwide, said: “These cuts are further evidence of Nationwide’s commitment to support the NewBuy and MI New Home schemes and Nationwide is once again demonstrating that it is open for business.”
Nationwide have also increased the maximum loan size from £250,000 to £350,000.
Currently NewBuy products are only currently available via intermediaries and a non-refundable £99 booking fee is payable upfront.
New rates include:
2-year fixed rates, no product fee
4.34% for existing customers
4.44% for first-time buyers and those moving home
3-year fixed rates, no product fee
4.44% for existing customers
4.54% for first-time buyers and those moving home
5-year fixed rates, no product fee
4.64% for existing customers
4.74% for first-time buyers and those moving home
