Nationwide has announced a fresh round of rate reductions across its mortgage range, with selected products cut by as much as 0.21 percentage points.

The building society’s lowest rate now stands at 3.74%.

The changes apply to new and existing customers alike, with rate cuts extending across two, three and five-year fixed rate products.

The latest move is aimed at supporting first-time buyers, home movers and those looking to remortgage.

FIRST-TIME BUYERS

First-time buyers are among the biggest beneficiaries, with reductions of up to 0.21% on products up to 90% loan-to-value (LTV). A three-year fixed rate at 90% LTV with no fee has dropped to 4.79%, while a two-year fixed at the same LTV with a £999 fee now stands at 4.33%.

For those with larger deposits, a two-year fixed at 60% LTV with a £1,499 fee has fallen to 3.86%.

HOME MOVERS

For new customers moving home, rates have been reduced by up to 0.18%. The most significant changes include a two-year fixed rate at 90% LTV with a £999 fee now priced at 4.27%, down from 4.45%, while a five-year fix at 85% LTV with the same fee has been lowered to 4.09%. The headline rate of 3.74% applies to a two-year fix at 60% LTV with a £1,499 fee.

Nationwide has also applied the cuts to existing customers who are moving home. These borrowers will benefit from reductions of up to 0.18%, with the same lowest available rate of 3.74% on offer for a two-year fix at 60% LTV.

The mutual continues to underline its pricing pledge to existing borrowers, ensuring that switcher product rates remain the same or better than remortgage equivalents. This is reflected in the latest updates for those remortgaging, where rates have dropped by up to 0.15% across selected two and five-year fixed products between 75% and 90% LTV. Among these, a two-year fix at 75% LTV with a £999 fee has been reduced to 3.99%.

Carlo Pileggi, senior manager for mortgages at Nationwide, said: “As the country’s second largest lender, we always strive to support all parts of the market with competitive rates.

“This latest round of cuts across our range move even more of our rates below 4% and should put Nationwide front of mind of first-time buyers, those moving on to their next home and those looking for a new mortgage deal.”