Nationwide announces rate cuts

The society’s 3-year fixed rate is now available at 2.99% for new borrowers and 2.89% for existing borrowers with a £900 product fee, discounted to £400 for first-time buyers and a £99 booking fee.

There is a no product fee rate option and free standard legal work and free standard valuations for remortgages.

The 5-year fixed rate, available at 3.19% for new borrowers and 3.09% for existing borrowers, carries the same fee structure and options.