Nationwide will be reducing rates by up to 0.26% across its 2-, 3-, 5- and 10-year fixed rate products, with the new rates effective from tomorrow, Thursday 22 August.
Nationwide is now offering a mortgage rate of 3.78%, which is available to any new and existing customers looking to move home.
For new customers moving home, there will be reductions of up to 0.26% across 2-, 3-, 5- and 10-year fixed rate products up to 95% loan-to-value (LTV), including a 5-year fixed rate at 60% LTV with a £1,499 fee at 3.78% and a 2-year fixed rate at 60% LTV with a £999 fee at 4.15%.
For existing customers moving home, there will also be reductions of up to 0.26% across 2-, 3-, 5-, and 10-year fixed rate products up to 95% LTV, including a 5-year fixed rate at 60% LTV with a £1,499 fee at 3.78%, a 5-year fixed rate at 60% LTV with a £999 fee at 3.83%, and a 2-year fixed rate at 60% LTV with a £999 fee at 4.15%.
In its first-time buyer range, there will be reductions of up to 0.25% across 2-, 3-, 5- and 10-year fixed rate products up to 95% LTV.
This includes a 5-year fixed rate at 60% LTV with a £1,499 fee at 3.99%, a 5-year fixed rate at 90% LTV with a £999 fee at 4.64% and a 2-year fixed rate at 60% LTV with no fee at 4.74%.
Nationwide’s remortgage offering will also see reductions of up to 0.25% across 2-, 3-, 5- and 10-year fixed rate products up to 90% LTV, including a 5-year fixed rate at 60% LTV with a £999 fee at 3.99%, a 5-year fixed rate at 85% LTV with a £999 fee at 4.64% and a 3-year fixed rate at 75% LTV with no fee at 4.65%.
Nationwide is also reducing selected 2-, 3- and 5-year switcher rates up to 95% LTV by up to 0.25% with rates starting from 3.94%.
Additional borrowing rates are being cut by up to 0.20% on 2-, 3- and 5-year fixed products up to 90% LTV, with rates starting from 3.94%.
Henry Jordan, Nationwide’s director of home, said: “We’re making cuts across the majority of our fixed rate mortgage range to support all buyer types across the housing market.”
Nicholas Mendes, mortgage technical manager and head of marketing at John Charcol, said: “Nationwide has truly pulled out all the stops with their latest rate cuts, making a bold statement in the mortgage market by slashing rates by up to 0.26%.
“This moves positions them as a strong competitor, particularly with their lowest rate now at an impressive 3.78%.
“Whether you’re a new or existing customer, first-time buyer, or looking to remortgage, Nationwide is offering competitive rates across the board.”
He added: “The lender now offers a 5-year fixed rate at 60% LTV with a £1,499 fee at 3.78%, a competitive option available to both new and existing customers, ensuring consistency across the board.
“First-time buyers are not left out, with Nationwide reducing its 5-year fixed rate at 90% LTV with a £999 fee to 4.64%, providing more affordable options for those entering the housing market.
“For those looking to remortgage, Nationwide has also reduced its five-year fixed rate at 60% LTV with a £999 fee to 3.99%, presenting a strong incentive for homeowners to switch to more favourable terms.
“However, it’s important to remember that while low interest rates are attractive, lender fees can significantly impact the overall cost of a mortgage. It’s crucial for borrowers to weigh these costs against the interest rates.
“A lower rate with higher fees might not always be the best deal for everyone, so careful consideration of the total cost is essential when selecting a mortgage.”
