The biggest cuts are on mortgages available up to 85% LTV and will, in particular, help customers with smaller deposits. The average cut will be 0.19%.
The mortgage product range from Nationwide will include the following:
For those buying a home
- Two-year tracker rate reduced by 0.20% available at 3.68% (75-80% LTV)
- Two-year fixed rate reduced by 0.30% available at 4.69% (80-85% LTV)
- Three-year fixed rate reduced by 0.20% available at 4.89% (75-80% LTV)
- Five-year fixed rate reduced by 0.30% available at 5.99% (80-85% LTV)
New customers can borrow up to 85% LTV
Existing borrowers who are moving home can borrow up to 95% LTV
£99 booking fee (payable upfront and non-refundable)
£896 product fee
First time buyers taking out a three-year fixed or tracker product or a five-year fixed product receive a £500 discount
For those remortgaging
- Two-year fixed rate reduced by 0.20% available at 4.98% (75-80% LTV)
New customers can borrow up to 85% LTV
£99 booking fee (payable upfront and non-refundable)
No product fee
No standard valuation or standard legal fees
- Two-year tracker rate reduced by 0.20% available at 3.88% (75-80% LTV)
New customers can borrow up to 85% LTV
£99 booking fee (payable upfront and non-refundable)
£896 product fee
No standard valuation or standard legal fees
Martyn Dyson, head of mortgages at Nationwide, said:
"Borrowers thinking of remortgaging or buying a home this summer can now look forward to rate cuts of up to 0.30% with Nationwide. In particular, the two-year fixed rate deal with an £896 product fee available up to 85% LTV for house purchasers is very competitive.
"What's more, cash-back offers and discounts remain available. Existing customers who take a new Nationwide mortgage when either moving home or switching at the end of their deal can receive £300 cash-back1, while first time buyers can receive a £500 product fee discount on selected products.
"Customers who want the lower rates currently available on tracker mortgages, but value the security of a fixed rate, can select a tracker now knowing that they can switch to a fixed rate at a later date without having to pay any Early Repayment Charge. Alternatively, they can, from the outset, opt for a mixture of tracker and fixed rate deals."
