"These latest changes mean we are now offering sub-four percent rates for the first time in eight months."
- Henry Jordan, director of home at Nationwide Building Society
Nationwide is reducing selected mortgage rates by up to 0.81% and introducing a new range of fixed and tracker rate products with a £1,499 fee.
The changes, available from tomorrow, mean Nationwide’s rates start at 3.84% - its lowest level in eight months.
For new customers moving home rates are reducing by up to 0.80%, with highlights including a three-year fixed rate at 75% LTV with a £999 fee, down by 75bps to 4.24%.
New products with a £1,499 fee include a five-year fix at 60% LTV launching at 3.85%, a two-year fix at 4.49% available up to 85% LTV, and a 60% LTV two-year tracker rate at 5.35%.
Firs-time buyer rates are down by up to 0.74%, with the largest reduction to a three-year fix at 75% LTV, down to 4.34% with a £999 fee.
New first-time buyer products with a £1,499 fee start from 3.85% for a five-year fix at 60% LTV, with a two-year fixed rate of 4.56% launching at 85% LTV and a two-year tracker at 5.50% up to 60% LTV.
Remortgage rates are decreasing by up to 0.80% with a five-year fixed rate at 60% LTV seeing the biggest reduction to 3.88% and a three-year fix at 75% LTV down by 39bps to 4.50%, both with a £999 fee.
New £1,499 fee remortgage products include a 60% LTV two-year fix at 4.33% and a 75% LTVtwo-year tracker at 5.50%.
Nationwide is also reducing selected two, three, five and ten-year switcher rates at 95% by up to 0.81% with rates starting from 3.84%. The latest changes continue Nationwide’s existing mortgage member pricing pledge, meaning the switcher product rates will be the same or lower than the remortgage equivalents.
In addition, Nationwide is reducing rates for existing customers moving home by up to 0.80% and introducing a range of products with £1,499 fee, with rates now starting from 3.85%. Rates for additional borrowing will be reduced by 0.81% and will now start from 3.84%.
Henry Jordan, director of home at Nationwide Building Society, said: “As one of the largest lenders in the country, we remain as committed as ever to supporting borrowers. These latest changes mean we are now offering sub-four percent 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 deal.”
