Nationwide is set to reduce rates by up to 0.25% on selected 2-, 3- and 5-year fixed rate products across its first-time buyer and home-mover ranges.
The new rates will be effective from tomorrow, Wednesday 23rd April.
As a result of these changes Nationwide’s lowest mortgage rate now stands at 3.89%, which is available to existing and new customers who are looking to move to a new home.
This rate will also available on both the 2-year and 5-year fixed rate products.
For existing and new customers moving home, the lender is introducing reductions of up to 0.25% across 2-, 3- and 5-year fixed rate products up to 95% loan-to-value (LTV),
This includes a 2-year fixed rate at 60% LTV with £1,499 fee at 3.89% (reduced by 0.25%), a 2-year fixed rate at 60% LTV with £999 fee at 3.94% (reduced by 0.25%), and a 5-year fixed rate at 60% LTV £1,499 fee at 3.89% (reduced by 0.13%).
In addition, Nationwide’s 5-year fixed rate at 60% LTV with £999 fee will be reduced to 3.94%, while its 2-year fixed rate at 85% LTV with a £999 fee will be reduced to 4.40%.
For first-time buyers, the lender is issuing reductions of up to 0.24% across 2- and 3-year fixed rate products up to 95% LTV, including a 2-year fixed rate at 60% LTV with a £1,499 fee at 4.09% (reduced by 0.20%), a 2-year fixed rate at 60% LTV with £999 fee at 4.14% (reduced by 0.20%) and a 2-year fixed rate at 90% LTV with a £999 fee at 4.72% (reduced by 0.10%).
Henry Jordan, Nationwide’s director of home, said: “We know that rate is an important factor for borrowers looking to buy their first home or move onto their next.
“These latest cuts should put Nationwide firmly on the radar for first-time buyers and home movers as we continue to be one of the most competitively priced lenders in the market.”
