"With swap rates continuing their downward trajectory, we’re making yet more rate cuts across the majority of our product range."
Nationwide Building Society is reducing rates across the majority of its fixed rate mortgage products by up to 0.45%, effective from tomorrow, Wednesday 11th October.
New customers moving home will benefit from reductions of up to 0.45% across two, three, five and ten-year fixed rate products up to 95% LTV. A three-year fixed rate at 60% LTV has seen the largest reduction of 45bps and now starts at 4.99% with a £999 fee. In addition, five-year fixed rates have reduced to 4.74% at 60% LTV and 5.25% at 90% LTV, both with a £999 fee.
First-time buyer rates are being cut by up to 0.29% across two, three, five and ten-year fixed rate products up to 95% LTV. The largest reduction is to a two-year fixed rate at 60% LTV, down to 5.74% with no fee. Five-year fixes have also reduxed to 4.84% at 60% LTV and 5.30% at 90% LTV, both with a £999 fee.
Remortgage rates are down by up to 0.36%, with highlights including a five-year fix at 60% LTV, down to 4.89% with a £999 fee, and a two-year fix at 70% LTV which has reduced to 5.59% with no fee.
Nationwide is reducing rates across its switcher range by up to 0.45%, with rates starting from 4.74% on five-year fixed products and 4.99% for three-year products. These changes continue Nationwide’s existing mortgage member pricing pledge, meaning the switcher product rates will be the same or lower than the remortgage equivalents.
Nationwide is also reducing additional borrowing and rates for existing customers moving home by up to 0.45%.
Henry Jordan, Director of Home at Nationwide Building Society, said: “As a mutual and one of the largest lenders in the country, we remain as committed as ever to supporting borrowers, which is why, with swap rates continuing their downward trajectory, we’re making yet more rate cuts across the majority of our product range. These latest rate cuts 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 deal.”
