"We want to maintain our support for all types of borrowers through attractively priced products, whether it be home movers, first-time buyers or those looking to remortgage or switch their deal."
- Henry Jordan, Nationwide's Director of Home
Nationwide is returning to the sub-4% market with the launch of a five-year fixed rate at 3.99%.
From tomorrow, the lender is reducing rates by up to 0.25% across its two, three and five-year fixed rate products.
Available to new customers moving the home, the five-year fix has reduced by 19bps to 3.99% at 60% LTV and comes with a £1,499 fee.
Other highlights in the range include five-year fixes at 60% LTV, down to 4.04% with a £999 fee and 4.24% fee-free. A five-year fix at 85% LTV is down to 4.50% and a two-year fix at 80% LTV is decreasing to 4.87%, both with a £999 fee.
First-time buyer rates have reduced by up to 0.24%, with five-year fixes at 60% LTV now starting from 4.34% and 85% LTV products down to 4.55% fixed for five years and 4.95% fixed for two years, both with a £999 fee.
Remortgage rates are decreasing by up to 0.17%, with a five-year fix at 60% LTV down to 4.27% with a £1,499 fee. At 75% LTV, a five-year fixed rate has reduced to 4.43% and a two-year fix to 4.79%, both with a £999 fee.
Nationwide is also reducing selected two, three and five-year switcher rates up to 95% LTV by up to 0.25% with rates starting from 4.24%. These latest changes also continue Nationwide’s existing mortgage customer pricing pledge, meaning that all 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 0.23% on selected two, three and five-year fixed rate products up to 95% LTV, while additional borrowing rates are being cut by up to 0.25% on two, three and five-year fixed products up to 90% LTV. At the same time, Nationwide is increasing the rates by up to 0.15% on selected two-year tracker products.
Henry Jordan, Nationwide's Director of Home, said: “These latest rate cuts and the reintroduction of a sub-four per cent product further reinforce our position as one of the most competitive lenders in the market. We’ve made rate reductions across our fixed rate mortgage range because, as the country’s largest mutual, we want to maintain our support for all types of borrowers through attractively priced products, whether it be home movers, first-time buyers or those looking to remortgage or switch their deal.”
