Nationwide cuts mortgage rates by up to 0.40%

Nationwide Building Society has reduced rates on selected tracker products, remortgage and later life products by up to 0.40%.

Related topics:  Mortgages
Rozi Jones
28th May 2020
"While the housing market slowly begins to open up again, the mortgage market continues to remain as competitive as ever."

The biggest rate cuts of 0.40% are across Nationwide's later life lending range, including retirement capital & interest and retirement interest-only products. A two-year fixed rate now starts at 2.59%, a three-year fix from 2.79% and a ten-year fixed rate from 3.39%.

Remortgage products with a £1,499 fee have been reduced by 0.05%. At 60% LTV, a two-year fixed rate is available at 1.14%, a five-year fix at 1.34% and a two-year tracker product at 1.24%.

Two-year tracker products have been reduced by up to 0.25%, starting from 1.54% at 60% LTV with no fee. Other reduced products include a 75% LTV at 1.39%, 80% LTV at 1.59% and 85% LTV at 1.79%, all with a £999 fee.

Across the Society's existing member switcher range, rates have also been reduced by up to 0.25%. Highlights include two-year fixed rates at 60% LTV which have been reduced by 0.25% to 1.14% and ten-year fixed rates at 60% LTV which have seen cuts of 0.20% and now start from 2.14%.

Switcher products at 75% LTV have seen rate cuts of 0.10% and now start from 1.24% fixed for two years and 1.49% fixed for three or five years.

At 80% and 85% LTV, two-year switcher rates have been reduced by up to 0.15% and start at 1.49% with a £999 fee or 1.84% with no fee.

90% LTV switcher rates have been cut by up to 0.15%, with a two-year fixed rate starting at 2.09% with no fee.

Henry Jordan, Nationwide’s Director of Mortgages, said: “While the housing market slowly begins to open up again, the mortgage market continues to remain as competitive as ever.

"Although many borrowers continue to like the security of fixing their mortgage repayments, we know there are some who want to take advantage of these historic low interest rates by going for a tracker mortgage.

"These reductions demonstrate our commitment to offering competitive rates on both fixed and trackers across a range of LTVs, ensuring we support borrowers no matter how much deposit they have.”

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