Effective from tomorrow (Friday 8th December), Nationwide has reduced selected fixed rates by up to 0.31%.
This includes rates across its New Business, Switcher, Additional Borrowing and Existing Customers Moving Home product ranges.
Rates have been reduced on 2-year, 3-year and 5-year fixed rate products, with the lowest now starting at 4.29%.
For new customers moving home, Nationwide made reductions of up to 0.26% on products up to 95% loan-to-value (LTV).
This includes a 5-year rate at 60% LTV reduced by 0.14% to 4.29%; a 2-year 60% LTV rate reduced by 0.14% to 4.65%; and a 3-year 90% LTV rate reduced by 0.26% to 5.29%.
For first-time buyers, the lender made reductions of up to 0.28% on products up to 95% LTV, including: a 5-year fixed rate at 60% LTV reduced by 0.15% to 4.34%; a 2-year fixed rate at 75% LTV reduced by 0.28% to 4.85%; and a 3-year fixed rate at 90% LTV reduced by 0.19% to 5.31%.
For remortgage, Nationwide made reductions of up to 0.31% on products up to 90% LTV, including: a 5-year fixed rate at 60% LTV, at 4.68% (reduced by 0.06%); a 3-year fixed rate at 75% LTV, at 4.89% (reduced by 0.31%); and a 2-year fixed rate at 80% LTV, at 5.48% (reduced by 0.08%).
Nationwide also reduced selected 2-year, 3-year and 5-year switcher rates at 95% LTV by up to 0.19%.
Nationwide’s mortgage member pricing pledge means that the switcher product rates will be the same or lower than the remortgage equivalents.
Nationwide reduced rates and for existing customers moving home by up to 0.24%.
Henry Jordan, director of home at Nationwide Building Society, said: “These latest changes mark our eleventh reduction in four months with rates now starting from 4.29%.
“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.”
Nicholas Mendes, mortgage technical manager at John Charcol, said: “Following Halifax’s reprice notice earlier this afternoon, Nationwide have released what could be the final best buy rate for the year.
“In a sizeable reprice, Nationwide have released a 5-year fixed 4.29% up 60% LTV.
“This firmly puts them ahead of the competition before the weekend in a strategic move to ensure they remain in pole position.
“Unlike trying to bet on Christmas number 1 single, mine would be on Nationwide.”
