It announces new rate reductions of up to 0.81% and new £1,499 fee products
Nationwide Building Society has announced its latest set of rate reductions, accompanied by the introduction of a new selection of fixed and tracker rate products featuring a £1,499 fee.
With the reprice effective from Wednesday, January 24, the lender’s rates will start at 3.84% – its lowest in eight months.
For new customers moving home, the reductions extend up to 80 basis points (bps) across two-, three-, five-, and 10-year fixed-rate products with a loan-to-value (LTV) of up to 95%.
Additionally, a new line of products with a £1,499 fee is being introduced, including a 3.85% five-year fixed rate at 60% LTV, a 4.49% two-year fixed rate at 85% LTV, and a 5.35% two-year tracker rate at 60% LTV.
First-time buyers will also benefit from rate cuts of up to 74bps across various fixed rate products with an LTV of up to 95%.
The new £1,499 fee products for this category includes a 3.85% five-year fixed rate at 60% LTV, a 4.56% two-year fixed rate at 85% LTV, and a 5.50% two-year tracker rate at 60% LTV.
Remortgage options will also have their rates cut by up to 80bps across two-, three-, five-, and 10-year fixed rate products with an LTV of up to 90%.
The newly introduced £1,499 fee remortgage products include a 4.33% two-year fixed rate at 60% LTV, and a 5.50% two-year tracker rate at 75% LTV.
Nationwide is also implementing reductions for selected two-, three-, five-, and 10-year switcher rates at 95%, with decreases of up to 81bps, resulting in rates starting from 3.84%.
There will also be rate reductions of up to 80bps for existing customers moving home, as well as new products with a £1,499 fee, with rates starting from 3.85%. Rates for additional borrowing will be slashed by 0.81%, and will start from 3.84%.
Full details of all rates affected by the price update can be viewed on the lender’s intermediary website.
“As one of the largest lenders in the country, we remain as committed as ever to supporting borrowers,” Henry Jordan, director of home at Nationwide Building Society, said. “These latest changes mean we are now offering sub-4% rates for the first time in eight months.
“These reductions will ensure that we have some of the lowest 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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