"These latest changes further enhance the Society’s products aimed at those with smaller deposits, and alongside our £500 cashback and Helping Hand mortgage"
First-time buyers will see reductions of up to 0.20% across two and five-year fixed rate products between 80% and 95% LTV. Two-year fixed rates have reduced by 20bps to 2.24% at 90% LTV with a £999 fee and by 15bps to 3.39% at 95% LTV with no fee. A five-year fix at 90% LTV has also been cut by 20bps to 3.39% with a £999 fee.
For homemovers, rates have been reduced by up to 0.20% on products between 80% and 95% LTV. Highlights include two and five-year fixed rates at 90% LTV, which are now available at 2.18% and 2.79% respectively with a £999 fee.
For remortgage borrowers, rates at 85% LTV have seen reductions of up to 20bps and are now available at 2.29% fixed for two years with no fee and 2.34% fixed for five years with a £999 fee.
Nationwide is also reducing rates for home movers and first-time buyers looking to purchase through shared equity. The Society is reducing rates by up to 0.34% on selected two and five-year fixed rates between 60% and 80% LTV. Rates start from 1.20% for two-year fixed mortgages and 1.30% for the five-year fixed products.
For the Society’s existing members moving home, Nationwide is reducing rates by up to 0.20% on selected two and five-year products between 80% and 95% LTV.
Nationwide is also reducing selected further advance, family deposit mortgage and switcher rates between 60% and 95% LTV by up to 0.20%.
Nationwide’s first-time buyer mortgages also come with £500 cashback, while those looking to remortgage to the Society can choose between £500 cashback or free standard legal fees.
Henry Jordan, Nationwide’s director of mortgages, said: “Nationwide remains as committed as ever to helping people move into their first home or onto their next. We are making these rate cuts to ensure we continue to be one of the most competitive lenders around at a time when demand remains high.
“These latest changes further enhance the Society’s products aimed at those with smaller deposits, and alongside our £500 cashback and Helping Hand mortgage that supports borrowers in meeting affordability requirements, mean Nationwide continues to offer a compelling proposition for first-time buyers.”
