Nationwide lowers borrowing rates by up to 0.70%

Stabilising market and falling swap rates enabled the lender to cut rates

By Rommel Lontayao

11 Nov 2022

Nationwide Building Society has reduced rates of selected two, three, five and 10-year fixed products, as well as two-year tracker products by up to 0.70% across all loan to values (LTVs).

The new rates include those for first-time buyers with reductions of up to 0.70%. These products are two-year fixes 60% LTV with a 5.54% rate and a £999 fee, three-year fixes 95% LTV with a 5.99% rate and no fee, five-year fixes 80% LTV with a 5.29% rate and a £999 fee, 10-year fixes 95% LTV with a 5.89% rate and a £999 fee, and two-year trackers 60% LTV with a 3.69% rate and a £999 fee.

“Following recent uncertainty, markets have stabilised and swap rates have continued to fall,” said Henry Jordan (pictured), director of mortgages at Nationwide Building Society. “This allowed us to cut rates for existing mortgage members switching at deal maturity earlier this month, and we are now reducing new lending.

“These changes apply across our mortgage range, but the largest reductions have been made on higher loan to value mortgages, which will benefit first-time buyers looking to get onto the property ladder.”

Rates of those for remortgage were reduced by up to 0.40%, and the products include two-year fixes 60% LTV with a 5.54% rate and a £999 fee, three-year fixes 90% LTV with a 5.99% rate and no fee, five-year fixes 80% LTV with a 5.29% rate and a £999 fee, and two-year trackers 60% LTV with a 3.69% rate and a £999 fee.

For new customers moving home, the reductions are of up to 0.55%. The products under these include two-year fixes 60% LTV with a 5.54% rate and a £999 fee, three-year fixes 95% LTV with a 5.99% and no fee, five-year fixes 80% LTV with a 5.29% rate and a £999 fee, 10-year fixes 95% LTV with a 5.89% rate and a £999 fee, and a two-year tracker rate 60% LTV with a 3.69% rate and a £999 fee.

For the Nationwide’s existing members moving home, Nationwide is reducing rates by up to 0.55% while shared equity rates are being reduced by 0.35%.

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.