Major lender's latest reprice aims to aid first-time buyers
Nationwide Building Society has reduced selected rates by up to 25 basis points (bps), with a particular focus on first-time buyers.
The rate changes include reductions across two-, three-, and five-year fixed rate products up to 95% loan-to-value (LTV).
For first-time buyers, the two-year fixed rate at 75% LTV with a £999 fee has been reduced by 5bps to 4.49%. The three-year fixed rate at 90% LTV with a £999 fee has been decreased by 10bps to 5.04%, while the three-year fixed rate at 95% LTV with a £999 fee has been dropped 25bps to 5.44%. The five-year fixed rate at 95% LTV with a £999 fee has also been reduced by 10bps to 5.04%.
For new customers moving home, Nationwide – one of the UK’s largest mortgage lenders – has lowered rates by up to 23bps on selected two-, three-, and five-year fixed rate products at 90% and 95% LTV. The three-year fixed rate at 90% LTV with a £999 fee has been decreased by 6bps to 5.04%, while the three-year fixed rate at 95% LTV with a £999 fee has been cut by 23bps to 5.37%. The five-year fixed rate at 95% LTV with a £999 fee has been slashed 5bps to 5.04%.
Existing customers moving home also benefits from similar reductions of up to 23bps. The three-year fixed rate at 80% LTV with a £999 fee has been lowered by 11bps to 4.59%. The three-year fixed rate at 95% LTV with a £999 fee has been reduced by 23bps to 5.37%, and the five-year fixed rate at 95% LTV with a £999 fee has been dropped by 5bps to 5.04%.
Nationwide continues to offer existing home movers the same or lower rates compared to new customers. The building society is also reducing selected early repayment charges by up to 1%.
More lenders drop rates
Virgin Money is similarly lowering rates across its mortgage range, with rate cuts of up to 0.30%.
Selected Retrofit Boost rates were cut by up to 30bps, with rates starting from 4.29%. On the purchase side, its two-year fixed rate at 80% LTV with a £895 fee was trimmed by 5bps to 4.58%, while remortgage products at 85% and 90% LTV were reduced by 10bps.
Buy-to-let rates have also seen adjustments, with a reduction of up to 5bps, bringing rates down to as low as 4.12% for BTL deals with a £2,195 fee.
Clydesdale Bank has also reduced rates on several core residential and exclusive products, with cuts of up to 39bps on selected two- and five-year fixed rates, starting from 4.02%. The changes also include reductions on professional and large loan products, with rates dropping by up to 30bps.
Clydesdale has also updated its policy on residential and buy-to-let lending, now allowing a maximum of two applicants per mortgage.
Meanwhile, Melton Building Society has introduced rate reductions of up to 30bps across its five-year fixed residential products.
The mutual has also enhanced its shared ownership offerings, launching a new five-year fixed deal at 95% LTV with no application fees at a rate of 5.35%. It has also repriced its existing 95% LTV shared ownership product to 5.75%, down by 25bps.
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