Nationwide Building Society is set to implement further reductions in its mortgage rates, effective from Thursday, 23rd November.
The reductions, which extend across its 2-, 3-, 5-, and 10–year fixed rate and 2-year tracker mortgage products, include cuts of up to 0.43%. Following these changes, Nationwide’s lowest mortgage rate will be 4.43%.
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For new customers moving home, Nationwide is reducing rates by up to 0.32% on 2- to 1–year fixed rate products up to 95% loan-to-value (LTV). Key reductions include a 5-year fixed rate at 60% LTV with a £999 fee, now at 4.43% (down by 0.21%), and a 2-year fixed rate at the same LTV with a £999 fee, now at 4.79% (down by 0.20%).
First-time buyers will see reductions of up to 0.43% across 2- to 10-year products up to 95% LTV. Notable changes include a 5-year fixed rate at 60% LTV with a £999 fee, now at 4.49% (down by 0.18%), and a two-year tracker rate at 60% LTV with a £999 fee, now at 5.54% (down by 0.10%).
In the remortgage segment, Nationwide is offering reductions of up to 0.29% across 2- to 10-year fixed rate products up to 90% LTV. This includes a 3-year fixed rate at 60% LTV with a £999 fee, now at 4.94% (down by 0.14%).
Additionally, Nationwide is reducing selected 2-year fixed switcher rates by up to 0.15%, maintaining its pledge to offer switcher product rates that are the same or lower than the remortgage equivalents.
Rates for existing customers moving home are being reduced by up to 0.31%, while additional borrowing rates see cuts of up to 0.15%.
Henry Jordan, director of home at Nationwide Building Society, said: “These latest rate cuts across our mortgage range mean we continue to offer some of the most competitive rates on the market. This is our ninth reduction in three months and demonstrates our support for first-time buyers and existing homeowners.”
Nicholas Mendes, mortgage technical manager at John Charcol, said: “Nationwide are the first lender to have breached 4.5%, which is a significant milestone given where rates have been over the past year.
“A 5-year fixed rate at 60% LTV with a £999 fee at 4.43% for purchases will surly be an incentive from lenders to give one final repricing hurrah before the end of the year.
“The move comes at a time where swaps have settled and markets are pricing in a lower bank rate in 2024 and proceeding years.
“Who would have imagined it would be Nationwide causing a stir in the property market, rather than the Chancellor following the Autumn Statement.”
