Lender's lowest rate falls back below 4.5% as it cuts two-, three- and five-year products across buyer segments
Nationwide is reducing rates across its fixed mortgage range by up to 0.15 percentage points, with the changes taking effect from tomorrow, 18 August.
The cuts apply to two-, three- and five-year fixed rate products for first-time buyers, home movers and remortgage customers, bringing the lender's lowest rate to 4.48%.
Rates for first-time buyers are being cut by up to 0.10% across two-, three- and five-year fixed products up to 95% LTV. Among the new rates, the five-year fixed at 90% LTV with a £999 fee falls to 4.82% (down 0.07%), the three-year fixed at 60% LTV with no fee to 4.99% (down 0.09%), and the two-year fixed at 95% LTV with no fee to 5.34% (down 0.10%).
First-time buyers who complete their mortgage with Nationwide receive £500 cashback. First-time buyers and home movers purchasing an energy-efficient property may also qualify for up to £500 cashback through the lender's Green Reward scheme.
Existing and new customers moving home will see reductions of up to 0.10% across two-, three- and five-year fixed products up to 95% LTV. Selected new rates include the five-year fixed at 90% LTV with a £999 fee at 4.81% (down 0.07%), the two-year fixed at 60% LTV with a £1,499 fee at 4.48% (down 0.04%), and the three-year fixed at 95% LTV with a £999 fee at 5.24% (down 0.10%).
Nationwide said its existing customers moving home continue to receive the same rate or better than those available to new customers on equivalent products.
Meanwhile, remortgage customers will benefit from reductions of up to 0.15% across two-, three- and five-year fixed products up to 90% LTV. The five-year fixed at 60% LTV with no fee moves to 4.79% (down 0.10%), while the three-year fixed at 60% LTV with no fee falls to 4.94% (down 0.15%).
Nationwide added that its existing mortgage customer pricing pledge remains in place, with all switcher product rates for existing customers set at the same level as or below their remortgage equivalents.
"We're pleased to announce a further set of rate cuts across our fixed mortgage range, building on the cuts we made at the beginning of August," said Carlo Pileggi (pictured right), head of mortgage products at Nationwide Building Society.
"These latest changes bring our lowest mortgage rate back below 4.5% for new and existing borrowers moving home, whilst also maintaining our support for first-time buyers with smaller deposits and those remortgaging."
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