The cuts come into effect tomorrow (Friday 6th August) with the average cut at 0.19%.
For those buying a home the mortgage product range will include a 2-year tracker rate reduced by 0.20% available at 3.68% (75-80% LTV), a 2-year fixed rate reduced by 0.30% available at 4.69% (80-85% LTV), a 3-year fixed rate reduced by 0.20% available at 4.89% (75-80% LTV) and a 5-year fixed rate reduced by 0.30% available at 5.99% (80-85% LTV).
New customers can borrow up to 85% LTV and existing borrowers who are moving home can borrow up to 95% LTV.
There is a £99 booking fee payable upfront and non-refundable and a £896 product fee. First-time buyers taking out a 3-year fixed or tracker product or a 5-year fixed product receive a £500 discount.
Martyn Dyson, head of mortgages at Nationwide, said: “Borrowers thinking of remortgaging or buying a home this summer can now look forward to rate cuts of up to 0.30% with Nationwide. In particular, the 2-year fixed rate deal with an £896 product fee available up to 85% LTV for house purchasers is very competitive.
“What’s more, cash-back offers and discounts remain available. Existing customers who take a new Nationwide mortgage when either moving home or switching at the end of their deal can receive £300 cash-back, while first-time buyers can receive a £500 product fee discount on selected products.
“Customers who want the lower rates currently available on tracker mortgages, but value the security of a fixed rate, can select a tracker now knowing that they can switch to a fixed-rate at a later date without having to pay any Early Repayment Charge. Alternatively, they can, from the outset, opt for a mixture of tracker and fixed rate deals.”
