Nationwide will reduce rates by up to 0.12% across selected two-, three- and five-year fixed rate products, with rates starting from 3.90%.
Effective tomorrow, reductions have also been made for remortgage customers. Rates for existing customers switching, which are not changing, already start from 3.84%.
New customers moving home will see reductions of up to 0.10% across two, three and five-year fixed rate products up to 90% loan-to-value (LTV).
A two-year fixed rate at 60% LTV with a £1,499 fee has been lowered by 0.09% to 3.90%, while a two-year fixed rate at 75% LTV with a fee of £999 has been cut by 0.05% to 4.04%.
The bank’s five-year fixed rate at 85% LTV with a £999 fee has been reduced by 0.05% to 4.29%.
Existing customers moving home will see reductions of up to 0.10% across two, three and five-year fixed rate products up to 90% LTV/
A two-year fixed rate at 60% LTV with a fee of £1,499 has been cut by 0.09% to 3.90% and the two-year fixed rate at 75% LTV with a £999 fee has been trimmed by 0.05% to 4.04%.
The five-year fixed rate at 85% LTV with a fee of £999 has been lowered by 0.05% to 4.29%.
Nationwide has also made reductions of up to 0.12% for remortgage products across two, three and five-year fixed rate products up to 85% LTV with rates starting from 3.92%.
These include a two-year fixed rate at 60% LTV with a £1,499 fee, which has been cut by 0.12% to 3.92%.
The three-year fixed rate at 75% LTV with no fee has been cut by 0.07% to 4.47% and the five-year fixed rate at 85% LTV with no fee has been trimmed by 0.09% to 4.52%.
Nationwide senior manager of mortgages Carlo Pileggi says: : “These latest reductions will be welcome news for borrowers. We remain as committed as ever to supporting all areas of the market, whether it’s first-time buyers, home movers or those looking for a new deal, and with our reduced rates starting from 3.90%, we aim to be front of mind.”
Commenting on the cuts, Trinity Financial head of communications and PR Aaron Strutt says: “Good to see Nationwide lowering rates again after putting them up a few weeks ago especially as most lenders have been pushing up the cost of their mortgages.”
“It looks like the lender is lowering its two year fix from 3.99% to 3.90% – £1,499 fee and 40% deposit.”
“The two-year remortgage rate is also coming down from 4.04% to 3.92%. £1,499 fee and 40% deposit.”
Last month, Nationwide adjusted its mortgage affordability calculation by reducing its stress rates by between 0.75 and 1.25 percentage points.
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