Nationwide cuts mortgage rates by up to 0.30%

Residential remortgage rates will benefit from the largest reductions.

Related topics:  Mortgages
Rozi Jones | Editor, Barcadia Media Limited
8th July 2024

Nationwide Building Society is reducing selected mortgage rates by up to 30bps, with rates now starting from 4.18%.

Available from tomorrow, new customers moving home will see reductions of up to 0.20% across two, three and five-year fixed rate products up to 85% LTV. The largest reduction is to a two-year fixed rate at 60% LTV, down to 4.59% with a £1,499 fee. Five-year fixed rates are reducing to 4.18% at 60% LTV with a £1,499 fee and to 4.45% at 75% LTV with a £999 fee.

First-time buyer rates are decreasing by up to 0.09% across two and three-year fixed rate products up to 85% LTV.

In addition, remortgage rates are down by up to 0.30% on two, three and five-year fixed rate products up to 90% LTV, with the largest reduction to a five-year fix at 80% LTV, down to 4.94% with a £1,499 fee.

Nationwide is also reducing selected two, three, and five-year switcher rates at up to 95% LTV by up to 0.16% with rates starting from 4.34%. These latest changes 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 reducing rates and for existing customers moving home by up to 0.20%, with rates now starting from 4.18%. Rates for additional borrowing will be reduced by 0.16% and will now start from 4.34%. It is also removing all fees from further advance products.

Henry Jordan, Director of Home at Nationwide Building Society, said: “As one of the UK’s largest lenders, we remain as committed as ever to supporting borrowers. These reductions will ensure that we have some of the most competitive rates on the market for all types of borrowers whether it be first-time buyers, home movers or those looking to remortgage or switch deals.”

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