Nationwide is cutting fixed mortgage rates for first-time buyers, home movers and remortgage customers from tomorrow (4 August).

The UK’s largest building society will reduce rates by up to 0.19 points across selected two-year, three-year and five-year products, taking its lowest fixed rate to 4.52%.

FIRST-TIME BUYERS

First-time buyer rates will fall by up to 0.19 points on products available at up to 95% loan-to-value.

A two-year fix at 90% loan-to-value, carrying a £999 fee, will be priced at 4.88% after a reduction of 0.10 points. The three-year fix at 60% loan-to-value with a £999 fee will fall by 0.15 points to 4.69%.

Nationwide will also cut its two-year fix at 95% loan-to-value by 0.19 points to 5.25%. The product has a £999 fee.

First-time buyers receive £500 cashback when they complete a mortgage with Nationwide. First-time buyers and home movers purchasing an energy-efficient property can also receive cashback of up to £500 through the lender’s Green Reward scheme.

HOME MOVERS

Rates for new and existing customers moving home will be reduced by up to 0.19 points across products at up to 95% loan-to-value.

The three-year fix at 80% loan-to-value with a £999 fee will fall by 0.15 points to 4.84%. A two-year fix at 60% loan-to-value, carrying a £1,499 fee, will be cut by 0.02 points to 4.52%.

The two-year fix at 95% loan-to-value with a £999 fee will fall by 0.19 points to 5.25%.

Nationwide said existing customers moving home would continue to receive the same or a lower rate than that offered to new customers on equivalent products.

REMORTGAGE

Remortgage rates will be reduced by up to 0.13 points across selected two-year, three-year and five-year products at up to 95% loan-to-value.

A five-year fix at 75% loan-to-value with a £999 fee will fall by 0.13 points to 4.81%. The three-year fix at 85% loan-to-value, also carrying a £999 fee, will be reduced by 0.10 points to 4.99%.

The lender’s two-year fix at 60% loan-to-value with a £999 fee will fall by 0.07 points to 4.70%.

Nationwide’s existing mortgage customer pricing pledge means that switcher rates for borrowers taking a new deal will be the same as or lower than the equivalent remortgage products.

Carlo Pileggi, Nationwide’s head of mortgage products, said: “After a period of increasing swap rates, recent falls have created an opportunity for us to reduce mortgage rates, and we’re moving swiftly to ensure new and existing customers can benefit.

“These rate cuts will benefit a wide range of customers – first-time buyers, new and existing customers moving home as well as those remortgaging to Nationwide.”