Nationwide reduces mortgage rates for new and existing customers

Nationwide is lowering selected mortgage rates for both new and existing customers, with reductions of up to 35 basis points (bps) across remortgage products, up to 13bps on switcher rates, and up to 10bps for home movers.

The new rates take effect from Friday, 14 February.

REMORTGAGE RATE REDUCTIONS

For borrowers looking to remortgage, Nationwide is cutting rates by up to 35bps across two-, three-, and five-year fixed-rate products up to 95% loan-to-value (LTV).

The new rates include:

A five-year fixed rate at 60% LTV with a £1,499 fee reduced by 7bps to 4.12%, and with a £999 fee reduced by 7bps to 4.17%.
A two-year fixed rate at 60% LTV with a £1,499 fee reduced by 15bps to 4.24%, and with a £999 fee reduced by 15bps to 4.29%.
A two-year fixed rate at 60% LTV with no fee reduced by 16bps to 4.63%.
A two-year fixed rate at 90% LTV with no fee reduced by 35bps to 5.49%.

Nationwide continues to honour its existing customer pricing pledge, ensuring that switcher product rates will be the same as or lower than the equivalent remortgage rates.

SWITCHER RATE REDUCTIONS

For existing Nationwide customers reaching the end of their mortgage deal, rates will be reduced by up to 13bps across selected two, three and five-year fixed products up to 90% LTV, including:

A five-year fixed rate at 60% LTV with a £999 fee reduced by 6bps to 4.12%.
A two-year fixed rate at 60% LTV with a £999 fee reduced by 13bps to 4.24%.

RATE CUTS FOR HOME MOVERS

Nationwide is also reducing selected rates for new and existing customers moving home by up to 10bps across two-year fixed rate products up to 90% LTV.

For new customers moving home, key reductions include:

A two-year fixed rate at 60% LTV with a £1,499 fee reduced by 6bps to 4.22%, and with a £999 fee reduced by 6bps to 4.27%.
A two-year fixed rate at 80% LTV with a £999 fee reduced by 10bps to 4.64%.

For existing customers moving home, rate reductions mirror those available to new customers, including:

A two-year fixed rate at 60% LTV with a £1,499 fee reduced by 6bps to 4.22%, and with a £999 fee reduced by 6bps to 4.27%.
A two-year fixed rate at 80% LTV with a £999 fee reduced by 10bps to 4.64%.

ADDITIONAL BORROWING RATE REDUCTIONS

Selected additional borrowing rates are also being cut by up to 13bps, with rates starting from 4.12%.

Carlo Pileggi, senior manager for mortgages at Nationwide, said: “The cuts we’re making to our remortgage and switcher products demonstrate our commitment to new and existing customers as they look to secure the best rate possible on a new mortgage deal.

“Nationwide’s existing customer pricing pledge also means that existing Nationwide customers have the reassurance that our switcher product rates will be the same or lower than the remortgage equivalents.”