Nationwide is set to cut rates by up to 0.18% on selected 2-, 3- and 5-year fixed rate products across its mortgage range, with its lowest rate now at 3.80%.
The new rates will be effective from tomorrow, Friday 19th September, and apply to new mortgage applications made from this date.
The rate cuts will further support first-time buyers as well as those looking to move to a new home.
For first-time buyers, the lender’s 3-year fixed rate at 85% loan-to-value (LTV) with a £999 fee will be reduced to 4.34%, while its 2-year fixed rate at 75% LTV with a £999 fee will be 4.09% (reduced by 0.10%).
Nationwide’s 3-year fixed rate at 95% LTV with no fee will drop to 5.21% (reduced by 0.18%) and its 2-year fixed rate at 60% LTV with a £1,499 fee is set to decrease to 3.99% (reduced by 0.04%).
For existing and new customers moving home, there will be reductions of up to 0.16% across 2-, 3- and 5-year fixed rate products up to 95% LTV.
This includes a 2-year fixed rate at 90% LTV with no fee at 4.52% (reduced by 0.16%), a 2-year fixed rate at 60% LTV with a £1,499 fee at 3.80% (reduced by 0.07%) and a 5-year fixed rate at 95% LTV with a £999 fee at 4.81% (reduced by 0.13%).
In addition, a 3-year fixed rate at 80% LTV with a £999 fee will decrease to 4.24% (reduced by 0.10%).
Carlo Pileggi, Nationwide’s senior manager – mortgages, said: “We regularly review our rates because it’s important that, as Britain’s biggest building society, we maintain a competitive position in the market.
“These latest changes will be particularly good news for those looking to move home, with rates now starting from 3.80%, and for first-time buyers as we make a wide range of cuts across those product ranges.”
