"We will have reduced rates for the fourth time this year and now have a sub-four per cent rate for those looking to remortgage and a sub-five per cent rate for first-time buyers."
Nationwide Building Society is reducing rates across its fixed and tracker mortgage range by up to 0.70%, effective from tomorrow, Thursday 16 February.
First-time buyers will see the largest reductions across selected two, three and five-year fixed and two-year tracker products up to 95% LTV.
Highlights include a five-year fixed rate, reduced by 60bps to 4.99% at 95% LTV with a £999 fee, and by 70bps to 5.09% fee-free.
Remortgage products have been cut by up to 0.19% across two, three and five-year fixed and two-year tracker rate products up to 90% LTV. The largest reduction is to a five-year fix at 60% LTV, now 3.99% with a £999 fee.
New customers moving home can benefit from reductions of up to 0.55%. Highlights include a five-year fix at 95% LTV, now at 4.99% with a £999 fee.
Nationwide is also reducing rates on selected switcher products by up to 0.41% with rates starting from 3.94%. This continues the Society’s existing mortgage member pricing pledge meaning Nationwide’s switcher products will be the same or lower than remortgage equivalents.
For the Society’s existing members moving home, Nationwide is also reducing rates by up to 0.55% on two, three and five-year fixed and two-year tracker rate products up to 95% LTV. Shared equity rates up to 80% LTV are also being reduced by up to 0.20%.
For those looking to borrow more, Nationwide is reducing selected two, three and five-year fixed and two-year tracker rates on its additional borrowing range by up to 0.41%, while the rate on green additional borrowing is also being reduced by 0.24% with the rate now 3.94%.
Nationwide’s first-time buyer mortgages come with £500 cashback, while those looking to remortgage to the Society can choose between £500 cashback or free standard legal fees.
Henry Jordan, director of home at Nationwide Building Society, said: “These latest changes mean we will have reduced rates for the fourth time this year and now have a sub-four per cent rate for those looking to remortgage and a sub-five per cent rate for first-time buyers. In a continually moving market, we always aim to remain competitive across the board for first-time buyers, home movers and those looking to remortgage.
“We have also reduced rates on our switcher range to support those coming to the end of their existing deal. With switcher rates now starting at 3.94%, these latest reductions ensure we maintain our existing mortgage member pricing pledge, meaning our switcher products will be the same or lower than our equivalent remortgage rates.”
