Nationwide announces its fixed mortgage rate cuts

The cuts came into effect on Tuesday, August 4, and will apply to products for first-time buyers, home movers, and customers remortgaging.

Rates will fall by up to 0.19 percentage points across selected two, three, and five-year fixed deals, bringing Nationwide’s lowest fixed rate down to 4.52 per cent.

Carlo Pileggi, head of mortgage products at Nationwide, which is headquartered in Swindon, 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.”

For first-time buyers, reductions of up to 0.19 per cent are available on fixed rate products up to 95 per cent loan-to-value (LTV).

This includes a two-year fixed rate at 90 per cent LTV with a £999 fee, now down 0.10 per cent to 4.88 per cent, and a three-year fixed rate at 60 per cent LTV, now 4.69 per cent after a 0.15 per cent reduction.

A two-year fixed rate at 95 per cent LTV has been reduced by 0.19 per cent to 5.25 per cent.

First-time buyers will also receive £500 cashback on completion, and can qualify for additional cashback of up to £500 through Nationwide’s Green Reward if purchasing an energy-efficient home.

The same maximum rate reductions apply to customers moving home, with a three-year fixed rate at 80 per cent LTV now 4.84 per cent (down by 0.15 per cent).

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Two-year fixed rates at 60 per cent LTV with a £1,499 fee are now 4.52 per cent, reduced by 0.02 per cent.

Nationwide said these changes demonstrate its commitment to offering moving customers the same or better rates than new customers.

Remortgage rates have also been reduced by up to 0.13 per cent.

A five-year fixed product at 75 per cent LTV with a £999 fee now stands at 4.81 per cent, down by 0.13 per cent, while a three-year fixed at 85 per cent LTV is now 4.99 per cent.

A two-year fixed at 60 per cent LTV with a £999 fee has fallen by 0.07 per cent to 4.70 per cent.