Nationwide is reducing mortgage rates for the fourth time in three weeks, with the latest changes coming into effect from Friday 9 May.

The move will see rates fall by up to 0.25 percentage points across tracker and fixed rate products, with reductions extended to both remortgage customers and existing borrowers switching deals.

The building society’s cuts follow the Bank of England’s decision to lower the Bank Rate.

The most competitive new rate from Nationwide now stands at 3.84%, available on both two and five-year fixed rate remortgage products at 60% loan-to-value (LTV), with a £1,499 fee. Equivalent switcher products for existing customers also start at 3.84%, but with a lower £999 fee.

PRODUCT CHANGES

Fixed rates for remortgages have been cut by up to 0.22 percentage points. The two-year fixed rate at 60% loan-to-value has been reduced by 0.10% to 3.84%, while the five-year fixed at the same LTV is also down 0.10% to 3.84%.

A three-year fixed rate at 90% LTV, with a £999 fee, now stands at 4.89% following a 0.22% cut. Meanwhile, the two-year fixed at 75% LTV with no fee has been reduced by 0.11% to 4.54%.

Switcher rates for existing Nationwide mortgage holders are also being lowered by up to 0.21 percentage points. These include a two and five-year fixed rate at 60% LTV, each reduced by 0.10% to 3.84%, and a three-year fixed at 90% LTV, now 4.89% following a 0.21% reduction. The two-year fixed at 75% LTV has been cut by 0.08% to 4.09%.

FLEXIBILITY MATTERS

All two-year tracker products will be reduced by 0.25 percentage points in response to the Bank Rate change, further broadening Nationwide’s appeal to customers seeking flexibility amid potential market volatility.

The society confirmed that its mortgage pricing pledge remains in place, ensuring that switcher rates for existing customers are always equal to or better than equivalent remortgage products.

SUPPORTING BORROWERS

Carlo Pileggi, senior manager for mortgages at Nationwide, said: “Our fourth set of rate cuts in three weeks shows how we are working hard to support all types of borrowers.

“The changes we’re making are aimed at ensuring we are well-positioned to support both new and existing customers who are currently looking for a new mortgage deal and follow the rate cuts made earlier this week which focused more on first-time buyers and home movers.”

This week’s reductions follow a round of rate cuts on Wednesday 7 May, which were primarily targeted at first-time buyers and those purchasing a new home.