"The fall in swap rates over recent weeks and following the announcement that Bank Rate is being held at its current level means that we are able to make further rate cuts"
Following the Bank of England's decision to leave Bank Rate unchanged at 5.25%, Nationwide has rediced selected fixed rates by up to 0.31%.
Nationwide now offers sub-5% rates on its residential range with five and ten-year rates for first-time buyers and home movers starting at 4.94%.
Nationwide is also offering two-year fixed rates below 5.5% with rates for home movers starting from 5.44%.
For new customers moving home, a five-year fixed rate at 75% LTV has reduced to 4.94% and a 90% LTV five-year fix now starts at 5.40%. In addition, a two-year fix at 60% LTV has reduced by 30bps to 5.44%.
Its first-time buyer range has seen reductions of up to 0.31%m with a five-year fix at 75% LTV down to 5.38% and a five-year fix at 90% LTV starting at 5.38%. A two-year fix at 90% LTV is down by 29bps to 5.65%.
In Nationwide's remortgage range, five-year fixed rates have reduced to 5.20% at 60% LTV and 5.39% at 80% LTV, with a two-year fix at 75% LTV reducing to 5.75%.
All products come with a £999 fee.
In addition, Nationwide is reducing rates across its switcher range by up to 0.30%, with rates starting from 4.94% on five-year fixed products. These latest changes also continue Nationwide’s existing mortgage member pricing pledge, meaning the switcher product rates will be the same or lower than the remortgage equivalents.
Nationwide is also reducing additional borrowing and rates for existing customers moving home by up to 0.30%.
Henry Jordan, director of home at Nationwide Building Society, said: “The fall in swap rates over recent weeks and following the announcement that Bank Rate is being held at its current level means that we are able to make further rate cuts across the majority of our fixed rate mortgage range. These latest changes mean we’re now offering sub-five per cent rates to borrowers whether they are buying their first home or moving to their next.”
