Nationwide reduces mortgage rates

Nationwide Building Society has announced that it will be reducing selected two-, three-, and five-year fixed rate mortgages at 60% and 75% loan-to-value (LTV) by up to 0.30 percentage points, effective today, December 9.

For those looking to remortgage, reductions have been implemented of between 0.10% and 0.20% on two-, three-, and five-year fixed products at 60% and 75% LTV:

• Five-year fixed rate at 60% LTV reduced by 0.14% to 4.79% with a £999 fee
• Two-year fixed rate at 60% LTV reduced by 0.15% to 5.24% with a £999 fee

For new customers moving home, reductions have been implemented of between 0.10% and 0.25% on two-, three-, and five-year fixed products at 60% and 75% LTV:

• Five-year fixed rate at 60% LTV reduced by 0.15% to 4.84% with a £999 fee
• Two-year fixed rate at 75% LTV reduced by 0.10% to 5.29% with a £999 fee

For first-time buyers, reductions have been implemented of between 0.15% and 0.30% on two-, three-, and five-year fixed products at 60% and 75% LTV:

• Five-year fixed rate at 60% LTV reduced by 0.20% to 4.84% with a £999 fee
• Two-year fixed rate at 75% LTV reduced by 0.15% to 5.29% with a £999 fee
• Five-year fixed rate at 60% LTV reduced by 0.30% to 4.99% with no fee

Nationwide said it will also be aligning its five-year fixed rates at 95% LTV for both first-time buyers and home movers to the rates on its current two-year fixed rate products at 95% LTV. The rate changes mean five-year fixed rates at 95% LTV start from 5.89%.

Nationwide’s first-time buyer mortgages also come with a £500 cashback, while those looking to remortgage to the building society can choose between a £500 cashback or free standard legal fees.

“These latest rate changes ensure our fixed rate products remain among the most competitive in the market for all types of borrowers, with rates starting at 4.79% for people joining the society, and 4.64% for existing Nationwide borrowers,” Henry Jordan (pictured), director of mortgages at Nationwide Building Society, said.