It also slashes rates for home movers
Aiming to support borrowers approaching the end of their existing deals, Nationwide has lowered rates on selected mortgage products.
Effective today, February 14, the lender has reduced rates, with cuts of up to 35 basis points (bps) on remortgage products, up to 13bps on switcher rates for existing customers, and up to 10bps on selected home mover deals..
The lender has reduced rates by up to 35bps on two-, three-, and five-year fixed-rate remortgage products for borrowers with loan-to-value (LTV) ratios of up to 95%. The revised rates start from 4.12%.
Among the rate changes, the five-year fixed rate at 60% LTV is now 4.12% with a £1,499 fee and 4.17% with a £999 fee, both reduced by 7bps. The two-year fixed rate at 60% LTV is now 4.24% with a £1,499 fee and 4.29% with a £999 fee, both down 15bps. The two-year fixed rate at 60% LTV with no fee has been reduced by 16bps to 4.63%, while the two-year fixed rate at 90% LTV with no fee has dropped by 35bps to 5.49%.
Under Nationwide’s customer pricing pledge, existing borrowers switching products will receive the same or lower rates compared to new remortgage customers.
For existing borrowers reaching the end of their mortgage terms, Nationwide has slashed switcher rates by up to 13bps. The new rates start from 4.12%. The five-year fixed rate at 60% LTV with a £999 fee is now 4.12%, down 6bps, while the two-year fixed rate at 60% LTV with a £999 fee has been reduced by 13bps to 4.24%.
Nationwide – one of the largest mortgage lenders in the UK – has also dropped rates for both new and existing customers moving home. The lender is cutting rates by up to 10bps on selected two-year fixed-rate products up to 90% LTV. For new home movers, the two-year fixed rate at 60% LTV is now 4.22% with a £1,499 fee and 4.27% with a £999 fee, both down 6bps. The two-year fixed rate at 80% LTV with a £999 fee has been reduced by 10bps to 4.64%. The same reductions apply to existing home movers.
The lender also announced rate cuts of up to 13bps on selected additional borrowing products, with rates starting from 4.12%.
“The cuts we’re making to our remortgage and switcher products demonstrate our commitment to new and existing customers as they look to secure the best rate possible on a new mortgage deal,” said Carlo Pileggi, senior manager for mortgages at Nationwide Building Society.
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