Nationwide Building Society will reduce selected 2-, 3-, 5- and 10-year fixed and two-year tracker products by up to 0.70% across all LTVs, commencing tomorrow.
These reductions will be introduced across both its first-time buyers, remortgage, new customers and moving home ranges.
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.”
The new rates for first-time buyers include a 2-year fixed rate at 60% LTV reduced by 0.35% to 5.54%, with a £999 fee and a 3-year fixed rate at 95% LTV reduced by 0.70% to 5.99%, with no fee.
First-time buyers may also benefit from a 10-year fixed rate at 95% LTV reduced by 0.20% to 5.89%, with a £999 fee.
As for the Society’s remortgage range, customers could see reductions of up to 0.40%, including a 2-year fixed rate at 60% LTV reduced by 0.30% to 5.54%, with a £999 fee and a 5-year fixed rate at 80% LTV reduced by 0.10% to 5.29%, with a £999 fee.
New customers, or those looking to moving home will see reductions of up to 0.55%, including a 5-year fixed rate at 80% LTV reduced by 0.10% to 5.29%, with a £999 fee and a 10-year fixed rate at 95% LTV reduced by 0.15% to 5.89%, with a £999 fee.
Other reductions in this range include a 2-year fixed rate at 60% LTV reduced by 0.35% to 5.54%, with a £999 fee and a 3-year fixed rate at 95% LTV reduced by 0.55% to 5.99%, with no fee.
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.
