Nationwide is cutting rates across its fixed mortgage range for first-time buyers, home movers and remortgage borrowers from Tuesday 16 June.
The building society said reductions of up to 28 basis points will apply across two-year, three-year, five-year and 10-year fixed rate products.
Nationwide’s lowest rate will now be 4.29%, available to new and existing customers moving home.
First-time buyer rates will be reduced by up to 20 basis points across selected two-year, three-year and five-year fixed products up to 95% LTV.
The changes include a five-year fixed rate at 90% LTV with no fee at 4.89%, reduced by 20 basis points, and a five-year fixed rate at 60% LTV with a £1,499 fee at 4.62%, reduced by 12 basis points.
A five-year fixed rate at 85% LTV with a £999 fee will be 4.67%, while a three-year fixed rate at 85% LTV with a £999 fee will be 4.89%.
First-time buyers also receive £500 cashback when they complete their mortgage with Nationwide. First-time buyers and home movers may also qualify for cashback of up to £500 through Nationwide’s Green Reward when purchasing an energy-efficient property.
For remortgage borrowers, reductions of up to 28 basis points will apply across selected two-year, three-year, five-year and 10-year fixed rate products up to 90% LTV.
The revised remortgage range includes a two-year fixed rate at 60% LTV with no fee at 4.83%, down by 28 basis points. A two-year fixed rate at 85% LTV with a £999 fee will be 4.89%, while a two-year fixed rate at 60% LTV with a £1,499 fee will be 4.56%.
A five-year fixed rate at 60% LTV with a £999 fee will be 4.64%, reduced by 10 basis points.
The latest reductions follow cuts made last week to Nationwide’s switcher range for existing customers approaching the end of their current mortgage deal. Nationwide said its existing mortgage customer pricing pledge means all switcher product rates will be the same as, or lower than, the remortgage equivalents.
For existing and new customers moving home, selected rates will be reduced by up to 17 basis points across two-year, three-year, five-year and 10-year fixed products up to 95% LTV.
The range includes a two-year fixed rate at 90% LTV with no fee at 4.99%, reduced by 17 basis points, and a two-year fixed rate at 60% LTV with a £1,499 fee at 4.29%, reduced by six basis points.
A five-year fixed rate at 80% LTV with a £999 fee will be 4.59%, while a five-year fixed rate at 90% LTV with a £999 fee will be 4.74%.
FIRST-TIME BUYER SUPPORT
Carlo Pileggi, head of mortgage products at Nationwide, said: “We’re delighted to be cutting rates again as we look to put Nationwide at the forefront of borrowers’ minds.
“These changes will support first-time buyers and home movers, as well as provide competitive options for those looking to remortgage.
“Following the rate cuts last week to our switcher range for existing customers, this underlines our role as an all-round lender focused on supporting borrowers across the housing market.”
POSITIVE NEWS
Rachel Geddes, Strategic Lender Relationship Director, Mortgage Advice Bureau, added: “Nationwide’s latest rate reductions are positive news for anyone considering their next move on the housing ladder.
“Whether you’re a first time buyer, planning on relocating, or approaching the end of your current mortgage deal, lower fixed rates could mean improved affordability, reduced monthly repayments, and greater financial certainty.
“While switcher and additional borrowing rates remain unchanged, Nationwide’s latest reductions reflect ongoing movement in the mortgage market, creating renewed opportunities for borrowers to secure a more competitive rate.
“For anyone looking to make their mortgage work harder, now is an excellent time to review the market.”
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