Nationwide Building Society is reducing rates across its fixed and tracker mortgage range by up to 0.70%, effective from tomorrow, Thursday 16th February.
Its remortgage range will see reductions of up to 0.19% across 2-, 3- and 5-year fixed and 2-year tracker rate products up to 90% loan-to-value (LTV).
These include a 5-year fixed rate at 60% LTV with a £999 fee, now 3.99% (reduced by 0.19%), and a 2-year tracker rate at 60% LTV with a £999 fee, now 4.24% (reduced by 0.05%).
Henry Jordan, director of home at Nationwide Building Society, said: “These latest changes mean we will have reduced rates for the fourth time this year and now have a sub-four per cent rate for those looking to remortgage and a sub-five per cent rate for first-time buyers.
“In a continually moving market, we always aim to remain competitive across the board for first-time buyers, home movers and those looking to remortgage.”
Nationwide is also reducing rates on selected switcher products by up to 0.41% with rates starting from 3.94%.
This continues the Society’s existing mortgage member pricing pledge meaning Nationwide’s switcher products will be the same or lower than remortgage equivalents.
First-time buyers will benefit from reductions of up to 0.70% across selected 2-, 3- and 5-year fixed and 2-year tracker products up to 95% LTV.
Examples include a 5-year fixed rate at 95% LTV with a £999 fee, now 4.99% (reduced by 0.60%), a 5-year fixed rate at 95% LTV with no fee, now 5.09% (reduced by 0.70%) and a 2-year fixed rate at 80% LTV with a £999 fee, now 4.84% (reduced by 0.15%).
Nationwide’s first-time buyer mortgages also come with £500 cashback, while those looking to remortgage to the Society can choose between £500 cashback or free standard legal fees.
For new customers moving home, the Society will introduce reductions of up to 0.55% across selected 2-, 3- and 5-year fixed and2-year tracker rate products up to 95% LTV.
This includes a 5-year fixed rate at 95% LTV with a £999 fee, now 4.99% (reduced by 0.45%), a 2-year fixed rate at 90% LTV with a £999 fee, now 5.09% (reduced by 0.10%), and a 2-year tracker rate at 85% LTV with a £999 fee, now 4.44% (reduced by 0.20%).
For the Society’s existing members moving home, Nationwide is also reducing rates by up to 0.55% on 2-, 3- and 5-year fixed and 2-year tracker rate products up to 95% LTV.
Shared equity rates up to 80% LTV are also being reduced by up to 0.20%.
For those looking to borrow more, Nationwide is also reducing selected 2-, 3- and 5-year fixed and 2-year tracker rates on its additional borrowing range by up to 0.41%, while the rate on Green Additional Borrowing is also being reduced by 0.24% with the rate now 3.94%.
Jordan added: “We have also reduced rates on our switcher range to support those coming to the end of their existing deal.
“With switcher rates now starting at 3.94%, these latest reductions ensure we maintain our existing mortgage member pricing pledge, meaning our switcher products will be the same or lower than our equivalent remortgage rates.”
