Nationwide Building Society has announced a further reduction in mortgage rates, marking its third round of cuts in as many weeks. The lender is cutting rates by up to 0.25% across selected 2-year, 3-year and 5-year fixed-rate products, with the changes coming into effect from 28th February.
The society’s lowest mortgage rate now stands at 3.99%, available to existing customers switching to a new deal and new customers looking to remortgage.
For existing customers switching to a new deal, reductions of up to 0.17% have been applied across selected products up to 90% LTV. This includes a 5-year fixed rate at 60% LTV with a £999 fee at 3.99%, down 0.13%. Nationwide’s mortgage customer pricing pledge remains in place, ensuring switcher rates match or are lower than remortgage equivalents.
New remortgage customers will see reductions of up to 0.15% across selected products up to 90% LTV, including a 5-year fixed rate at 60% LTV with a £1,499 fee at 3.99%, down 0.13%.
First-time buyers will benefit from cuts of up to 0.25% across selected fixed-rate deals, including a 5-year fix at 90% LTV with a £999 fee at 4.74%, down 0.25%.
Rates have also been reduced for home movers, with cuts of up to 0.14% for new customers and up to 0.10% for existing customers moving home. Additional borrowing rates have been cut by up to 0.15% on selected fixed-rate products up to 90% LTV.
Carlo Pileggi, senior manager – mortgages at Nationwide, said: “Our third set of rate cuts in three weeks should come as great news for borrowers. We remain as committed as ever to supporting all segments of the market, including those buying their first home or moving to their next, and with our switcher and remortgage rates starting from 3.99%, we aim to be front of mind for those looking for a new deal too.”
