"We are launching the sub-1% five-year fixed rate mortgage for both new customers and existing members either moving home or switching product"
The Society is also launching new three-year fixes with rates aligned to its two-year products, alongside rate reductions of up to 0.40% across its home mover, first-time buyer and remortgage ranges.
The new three-year fixed-rates have various LTV options from 60% through to 95% (85% for remortgage). Rates on the range start from 0.94% and match the equivalent rates on the Society’s two-year fixed mortgages. The new products come with both no fee and £999 fee options and will be available to first-time buyers and those remortgaging as well as new customers and existing members who are looking to move home.
First-time buyer products have been reduced by up to 0.40%. At 90% LTV, two-year fixed rates now start at 2.44% with a £999 fee or 2.74% fee-free. At 95% LTV, a two-year fixed rate has been reduced by 24bps to 3.35% with a £999 fee.
New customers moving home can also benefit from rate reductions of up to 0.40%. At 90% LTV, two-year fixed rates now start from 2.34% with a £999 fee or 2.59% fee-free. A two-year fixed rate at 95% LTV has reduced to 3.35% with a £999 fee.
Remortgage products have seen reductions of up to 0.30% across selected two and five-year fixed rate products up to 85% LTV. At 75%, a five-year fixed rate has fallen by 20bps to 1.29% and at 85% LTV a two-year fix has been cut by 30bps to 1.99%, both with a £999 fee.
For the Society’s existing members moving home, Nationwide is reducing rates by up to 0.30% on selected two and five-year products up to 95% LTV.
Nationwide is also reducing selected further advance, family deposit mortgage and switcher rates between 60% and 95% LTV by up to 0.80%.
Henry Jordan, Nationwide’s director of mortgages, said: “As the country’s biggest building society, it’s important that we continue to play a leading role in supporting people not only into a home of their own, but as they move on to their next home. That is why we are launching the sub-1% five-year fixed rate mortgage for both new customers and existing members either moving home or switching product – something we feel will give them greater certainty over their payments for a longer period.
“The significant reductions we’re making across a wide range of our mortgages demonstrates our ongoing support for all types of borrowers and, by expanding our range with the launch of new three-year products, we are also giving them even more choice when they come to make that decision on how long to fix that mortgage rate.”
