"These latest reductions see the Society launch its lowest ever new lending mortgage rate, which will offer those looking for a new deal one of the best rates available."
The 0.87% rate is available on a two-year fix at 60% LTV with a £1,499 fee, while a two-year tracker at 60% LTV has been reduced by 40bps to 0.99% with a £999 fee.
At 75% LTV, a two-year fixed rate is now available at 1.00% with a £1,499 fee.
For first-time buyers, a three-year fixed rate at 95% LTV has been cut by 0.25% to 2.99% with a £999 fee.
Remortgage products have also seen reductions of up to 40bps, with the largest reduction to a 60% LTV two-year tracker at 0.99%.
For the Society’s existing members moving home, Nationwide is reducing rates by up to 0.40% on selected fixed and tracker products up to 95% LTV.
Nationwide is also reducing selected further advance, family deposit mortgage and switcher rates by up to 0.32% and selected shared equity rates by up to 0.20%.
Henry Jordan, Nationwide’s director of mortgages, said: “As one of the largest lenders in the UK we always keep our rates under review to ensure we can maintain our competitive position in the market. These latest reductions see the Society launch its lowest ever new lending mortgage rate, which will offer those looking for a new deal one of the best rates available. However, reductions have been made at all loan to value levels so whether someone is buying a new home, remortgaging their existing property or getting a further advance to improve their home we have a range of mortgages on offer to suit their needs.”
