It joins other major UK lenders in offering lower deals
Nationwide Building Society has announced rate reductions of up to 0.30 percentage points on selected mortgage products, effective from today, July 9.
For new customers moving home, reductions of up to 0.20% apply across two-, three-, and five-year fixed rate products up to 85% loan-to-value (LTV). The five-year fixed rate at 60% LTV with a £1,499 fee has been reduced by 0.16% to 4.18%, while the five-year fixed rate at 75% LTV with a £999 fee has been slashed by 0.1% to 4.45%. The two-year fix at 60% LTV with a £1,499 fee now has a rate of 4.59%, reduced by 0.20%, and the rate of the three-year fix at 85% LTV with a £999 fee is now 4.99%, cut by 0.05%.
First-time buyers have also seen reductions of up to 0.09% across two- and three-year fixed rate products up to 85% LTV. The three-year fixed rate at 60% LTV with a £999 fee has been slashed by 0.09% to 4.65%, while the three-year fixed rate at 75% LTV with a £999 fee has been cut by 0.04% to 4.75%. The two-year fixed rate at 60% LTV with a £1,499 fee now has a rate of 4.75%, reduced by 0.04%.
For remortgages, the lender has cut rates by up to 0.30% across two-, three-, and five-year fixed rate products up to 90% LTV. The three-year fixed rate at 75% LTV with a £999 fee now features a rate of 4.77%, reduced by 0.17%, while the fee-free option at 60% LTV has a rate of 4.81%, cut by 0.14%. The five-year fixed rate at 80% LTV with a £1,499 fee is now priced at 4.94%, reduced by 0.30%.
Nationwide has also lowered selected two-, three-, and five-year switcher rates at up to 95% LTV by up to 0.16%, with rates starting from 4.34%. This maintains Nationwide’s mortgage member pricing pledge, ensuring switcher product rates are the same or lower than remortgage equivalents.
Existing customers moving home also benefit from rate reductions of up to 0.20%, with rates starting from 4.18%. Rates for additional borrowing have been reduced by 0.16%, now starting from 4.34%. Additionally, all fees from further advance products will be removed.
Nationwide is the latest of the major UK lenders to reduce its rates, with Barclays, HSBC, Santander, Halifax and NatWest also recently lowering their mortgage rates.
“As one of the UK’s largest lenders, we remain as committed as ever to supporting borrowers,” said Henry Jordan, director of home at Nationwide Building Society. “These reductions will ensure that we have some of the most competitive rates on the market for all types of borrowers whether it be first-time buyers, home movers or those looking to remortgage or switch deals.”
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