"Following recent uncertainty, markets have stabilised and swap rates have continued to fall."
Nationwide Building Society has reduced selected two, three, five and ten-year fixed and two-year tracker products by up to 0.70% across all LTVs.
For first-time buyers and remortgages, the largest reduction is to a three-year fix at 95% LTV, reduced by 0.70% to 5.99%, with no fee.
Two-year fixed rates and two-year trackers at 60% LTV have been cut by 0.35% to 5.54% and 3.69% respectively, both with a £999 fee.
A five-year fix at 80% LTV has reduced by 10bps to 5.29% and a ten-year fix at 95% LTV is down by 20bps to 5.89%, both with a £999 fee.
Remortgage rates have been lowered by up to 0.40%, with the largest reduction to a three-year fix at 90% LTV, now available at 5.99% fee-free.
For new customers moving home, reductions of up to 0.55% have been made, with the largest cut to a three-year fix at 95% LTV, now down to 5.99%.
For the Society’s existing members moving home, Nationwide is reducing rates by up to 0.55% while shared equity rates are being reduced by 0.35%.
Nationwide’s first-time buyer mortgages also come with £500 cashback, while those looking to remortgage to the Society can choose between £500 cashback or free standard legal fees.
Henry Jordan, Nationwide’s director of mortgages, said: “Following recent uncertainty, markets have stabilised and swap rates have continued to fall. This allowed us to cut rates for existing mortgage members switching at deal maturity earlier this month and we are now reducing new lending. These changes apply across our mortgage range, but the largest reductions have been made on higher loan to value mortgages, which will benefit first-time buyers looking to get onto the property ladder.”
