Nationwide is set to cut rates by up to 0.30% across selected 2-, 3-, 5- and 10-year fixed rate and 2-year tracker mortgage products.
The new rates will be effective from tomorrow, Wednesday 7th May.
Nationwide’s lowest mortgage rate now stands at 3.84%, which is available to existing and new customers who are looking to move to a new home.
This rate is available on both the 2- and 5-year fixed rate products.
For the first time since September 2024, Nationwide will be offering sub-4% rates for first-time buyers.
The lowest first-time buyer rate will be 3.94% and available on a 2-year fixed rate product at 60% loan-to-value (LTV) with a £1,499 fee.
First-time buyers can also get 3.99% on the same 60% LTV, 2-year fixed rate product but with a lower £999 fee.
Rates will also be reduced for first-time buyers with smaller deposits, including cuts of up to 0.30%. Nationwide’s 5- and 10-year fixed rate products also come with its Helping Hand mortgage boost, which enables eligible first-time buyers to borrow up to six times their income, up to 95% LTV.
There will be reductions of up to 0.25% across 2-, 3-, 5- and 10-year fixed rate and 2-year tracker products up to 95% LTV, including a 2-year fixed rate at 60% LTV with a £1,499 fee at 3.84%, a 2-year fixed rate at 60% LTV with a £999 fee at 3.89% and a 3-year fixed rate at 95% LTV with a £999 fee at 5.02% (reduced by 0.25%).
For first-time buyers, Nationwide will implement rate reductions of up to 0.30% across a range of mortgage products, including 2-, 3-, 5- and10-year fixed rates as well as 2-year tracker deals, for loans up to 95% loan-to-value (LTV).
As part of these changes, the 2-year fixed rate at 60% LTV with a £1,499 fee has been reduced by 0.15%, bringing the new rate to 3.94%.
A similar 2-year fixed rate at the same 60% LTV but with a lower £999 fee is now available at 3.99%, also reflecting a 0.15% cut.
The 5-year fixed rate at 85% LTV, which carries no product fee, has seen the largest reduction – 0.30% – bringing it down to 4.54%.
Additionally, a 2-year fixed rate at 95% LTV with a £999 fee is now 4.85%, following a 0.27% decrease.
For remortgage customers, Nationwide is cutting rates by up to 0.20% across 2-, 3- and 10-year fixed rate products.
Notably, the 2-year fixed rate at 95% LTV with a £999 fee has been reduced by 0.16%, resulting in a new rate of 5.44%.
The 10-year fixed rate at 75% LTV with the same fee has been lowered by 0.20% to 4.49%.
Existing Nationwide customers approaching the end of their current mortgage deal can also benefit from switcher rate reductions of up to 0.20% on selected 2- and 10-year fixed rate products.
Among these, the 2-year fixed rate at 95% LTV with a £999 fee has been cut by 0.10%, now standing at 5.39%, while the 10-year fixed rate at 75% LTV with a £999 fee has been reduced by 0.20%, making the new rate 4.44%.
Carlo Pileggi, Nationwide’s senior manager – mortgages, said: “We’re pleased to be able to make our third rate cut in three weeks as we strive to remain one of the most competitive lenders in the market.
“This latest round of changes includes us offering sub-four percent rates for first-time buyers, as well as reducing rates across our Helping Hand mortgages, which enable eligible first-time buyers to borrow up to six times their income up to 95% loan-to-value.”
