Nationwide is set to reduce rates by up to 0.12% across selected 2-, 3- and 5-year fixed rate products with the new rates effective from tomorrow, Thursday 5th June.
Nationwide’s new lowest lending rate now stands at 3.90%, with reductions also made for those remortgaging to the society.
Rates for existing customers switching, which are not changing, currently start from 3.84%.
For new customers moving home, the society is introducing reductions of up to 0.10% across 2-, 3- and 5-year fixed rate products up to 90% loan-to-value (LTV).
This includes a 2-year fixed rate at 60% LTV with a £1,499 fee at 3.90% (reduced by 0.09%), a 2-year fixed rate at 75% LTV with a £999 fee at 4.04% (reduced by 0.05%) and a 5-year fixed rate at 85% LTV with a £999 fee at 4.29% (reduced by 0.05%).
For existing customers moving home, there will be reductions of up to 0.10% across2-, 3-, and 5-year fixed rate products up to 90% LTV.
Products in this range include a 2-year fixed rate at 60% LTV with a £1,499 fee at 3.90% (reduced by 0.09%), a 2-year fixed rate at 75% LTV with a £999 fee at 4.04% (reduced by 0.05%) and a 5-year fixed rate at 85% LTV with a £999 fee at 4.29% (reduced by 0.05%).
In its remortgage range, Nationwide will be introducing reductions of up to 0.12% across 2-, 3- and 5-year fixed rate products up to 85% LTV with rates starting from 3.92%.
These include a 2-year fixed rate at 60% LTV with a £1,499 fee at 3.92% (reduced by 0.12%), a 3-year fixed rate at 75% LTV with no fee at 4.47% (reduced by 0.07%) and a 5-year fixed rate at 85% LTV with no fee at 4.52% (reduced by 0.09%).
Carlo Pileggi, Nationwide’s senior manager – mortgages, said: “These latest reductions will be welcome news for borrowers.
“We remain as committed as ever to supporting all areas of the market, whether it’s first-time buyers, home movers or those looking for a new deal, and with our reduced rates starting from 3.90%, we aim to be front of mind.”
