The Nationwide Building Society has made cuts to the majority of its fixed rate mortgages by up to 0.20 percentage points.
This comes after it confirmed last week that it will pass on the full 0.25 percentage point Base Rate reduction to its existing tracker mortgage, Base Mortgage Rate (BMR) and Standard Mortgage Rate (SMR) customers.
Following the reductions, two-year fixed rate products start at 1.49% with a £999 fee and 1.89% with no fee, the three-year fixed rate products at 1.79% with a £999 fee and 2.09% with no fee, and the five-year fixed rate range at 2.14% with a £999 fee and 2.34% with no fee.
Meanwhile, the 10-year fixed rate products are now at the lowest ever rate set by the mutual, from 2.79% with a £999 fee and 2.89% with no fee for the 60% LTV mortgage deal.
For new customers, from today, rates for thetwo-year tracker products will start at 1.29% with a £999 fee and 1.69% with no fee.
All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a Nationwide mortgage are also eligible for an additional £250 cashback.
Existing Nationwide mortgage customers receive a £250 cashback when they take a new mortgage deal, in addition to continuing to benefit from a 0.10 percentage point discount on new customer rates.
Henry Jordan, Nationwide’s head of mortgages, said: “Following the cut in the Bank of England Base Rate, we have already passed on the benefit in full to those customers on our BMR and SMR rates. Now we are reducing fixed rate deals for those looking for competitive rates and payment security over a wide range of terms and size of deposit.
“Standard valuations remain fee-free for all customers and Nationwide main current account customers can access a cashback of £250, both irrespective of which product they choose. For our existing customers, we offer both rates that are always discounted by 0.10% when compared to the new customer rate and a £250 for those mortgage customers moving home or switching to a new product. With the combination of competitive rates and access to additional benefits for both new and existing customers, Nationwide will continue to offer deals that are amongst the best on the high street.”
