Lender's lowest rate now at 4.43%
Nationwide Building Society has announced new rate cuts of up to 43 basis points (bps) across its two-, three-, five-, and 10-year fixed rate and two-year tracker product range, effective from Thursday, November 23.
With the latest reprice, Nationwide’s lowest rate will be at 4.43%.
New customers moving home will get reductions of up to 32bps across two-, three-, five- and 10-year fixes up to 95% loan-to-value (LTV), while existing customers moving home will have access to rates lowered by up to 31bps.
First-time buyers will also benefit from reductions of up to 43bps across two-, three-, five- and 10-year products at up to 95% LTV, while remortgagers will get reductions of up to 29bps across two-, three-, five- and 10-year fixes up to 90% LTV.
Nationwide said it is also reducing selected two-year fixed switcher rates and additional borrowing rates by up to 15bps.
Full details of all rates included in the latest price changes can be found on the lender’s intermediary website.
“These latest rate cuts across our mortgage range mean we continue to offer some of the most competitive rates on the market,” Henry Jordan, director of home at Nationwide Building Society, commented. “This is our ninth reduction in three months and demonstrates our support for first-time buyers and existing homeowners.”
Mortgage brokers welcomed the move from Nationwide, with several saying that it will particularly support first-time buyers.
“Great to see cuts from Nationwide at higher LTV products including 90% and 95%,” Elliott Culley, director at Switch Mortgage Finance, said. “This will make a difference in the first-time buyer market space and will start to attract more buyers back to the market.”
“Nationwide fires its next salvo in the UK fixed rate mortgage war by decreasing selected rates by a hefty 0.43%,” Gary Bush, financial adviser at MortgageShop.com, added. “This is great news for mortgage holders and first-time buyers, as it will bring about other high street lender responses quite quickly, possibly by the weekend.”
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