Nationwide cuts fixed mortgage rates by up to 0.15%

Nationwide Building Society is reducing selected fixed mortgage rates by up to 0.15 percentage points for first-time buyers, home movers and remortgage customers.

The revised 2-, 3- and 5-year products will become available on Tuesday 18 August at loan-to-values (LTVs) of up to 95%.

Nationwide’s lowest fixed rate will fall to 4.48%, available to new and existing customers moving home at 60% LTV.

The mutual is also maintaining its pledge to offer existing customers moving home rates that are the same as or lower than equivalent new-customer products.

FIRST-TIME BUYER RATES

First-time buyer rates will reduce by up to 0.10 percentage points.

A 5-year fixed mortgage at 90% LTV with a £999 fee will fall to 4.82%, while a fee-free 3-year fix at 60% LTV will reduce to 4.99%.

At 95% LTV, Nationwide’s fee-free 2-year fixed rate will fall by 0.10 percentage points to 5.34%.

First-time buyers will continue to receive £500 cashback on completion. They and home movers may also qualify for up to £500 through Nationwide’s Green Reward when purchasing an energy-efficient property.

HOME MOVERS AND REMORTGAGERS

Rates for new and existing customers moving home will fall by up to 0.10 percentage points.

The range includes a five-year fix at 4.81% at 90% LTV with a £999 fee and a three-year product at 5.24% at 95% LTV, also with a £999 fee.

The lender’s lowest rate of 4.48% is a two-year fix at 60% LTV carrying a £1,499 fee.

Remortgage rates will reduce by up to 0.15 percentage points at LTVs of up to 90%.

Highlights include a fee-free five-year fix at 4.79% and a fee-free three-year fix at 4.94%, both at 60% LTV.

FIRST-TIME BUYER HELP

Carlo Pileggi, head of mortgage products at Nationwide Building Society, said: “We’re pleased to announce a further set of rate cuts across our fixed mortgage range, building on the cuts we made at the beginning of August.

“These latest changes bring our lowest mortgage rate back below 4.5% for new and existing borrowers moving home, whilst also maintaining our support for first-time buyers with smaller deposits and those remortgaging.”