Nationwide is set to reduce rates by up to 0.20% across selected 2-, 3- and 5-year fixed rate products, with the new rates effective from tomorrow, Wednesday, 2nd July.
Nationwide’s lowest new lending rate now stands at 3.81%, and reductions have also been applied to products for those remortgaging to the society.
For first-time buyers, there will be reductions of up to 0.20% across 2-, 3- and 5-year fixed rate products up to 90% loan-to-value (LTV).
These include a 2-year fixed rate at 60% LTV with a £1,499 fee, which is now 3.94%, reflecting a reduction of 0.05%.
A 3-year fixed rate at 75% LTV with a £999 fee is now 4.20%, after a reduction of 0.14%.
A 5-year fixed rate at 90% LTV with a £999 fee has been reduced by 0.10%, bringing the new rate to 4.39%.
New and existing customers who are moving home will also see reductions of up to 0.20% across 2-, 3- and 5-year fixed rate products up to 90% LTV.
Among these, the 2-year fixed rate at 60% LTV with a £1,499 fee has been reduced by 0.09% to 3.81%.
The 3-year fixed rate at 85% LTV with a £999 fee now stands at 4.35%, after a reduction of 0.09%.
The 5-year fixed rate at 90% LTV with a £1,499 fee has decreased by 0.06%, bringing the rate to 4.34%.
For those remortgaging, there will be reductions of up to 0.10% across 2-, 3- and 5-year fixed rate products up to 85% LTV, with rates starting from 3.89%.
These include a 2-year fixed rate at 60% LTV with a £1,499 fee, now priced at 3.89% following a 0.03% reduction.
A 3-year fixed rate at 75% LTV with a £999 fee is now 4.19%, down by 0.05%.
The 5-year fixed rate at 75% LTV with no fee has been reduced by 0.06%, making the new rate 4.22%.
Carlo Pileggi, Nationwide’s senior manager – mortgages, said: “These latest reductions will be welcome news for borrowers looking to buy their first home or move onto their next.
“We’re proud to support all areas of the market, whether it’s first-time buyers – through our Helping Hand boost, which enables eligible first-time buyers to borrow up to six times their income – home movers or those looking for a new deal.
“With our reduced rates starting from 3.81%, we aim to be front of mind.”
