Nationwide Building Society will cut a range of fixed-rate residential loans for new and existing borrowers by up to 75 basis points from tomorrow (8 February).  

The mutual says that for first-time buyers, it will offer reductions of up to 75bps across two-, three-, five- and ten-year products at up to 95% loan to value, including:  

• A five-year fixed-rate offer at 95% LTV, with a £999 fee falls to 5.59%, down by 30bps  
• And a ten-year fixed-rate deal at 75% LTV, with a £999 fee falls to 4.34%, reduced by 75bps  

For remortgagers, it offers reductions of up to 75bps across two-, three-, five- and ten-year fixed-rate products at up to 90% LTV, including:  

• A two-year fixed-rate loan at 60% LTV, with a £999 fee falls to 4.59%, cut by 10bps  
• And a ten-year fixed-rate deal at 75% LTV, with a £999 fee falls to 4.34%, down by 75bps  

For new customers moving home, the firm offers reductions of up to 75bps across two-, three-, five- and ten-year fixed rate products up to 95% LTV, including:  

• A five-year fixed-rate deal at 95% LTV, with a £999 fee falls to 5.44%, cut by 45bps  
• And a ten-year fixed-rate loan at 75% LTV, with a £999 fee falls to 4.34%, down by 75bps  

The lender says for existing members moving home, it is cutting fixed rates by up to 75bps on two-, three-, five- and ten-year fixed rate products up to 95% LTV. Fixed-rate shared equity rates up to 80% LTV are also being reduced by up to 5bps.  

It is also bringing down borrowing on selected fixed-rate switcher products by up to 30bps.   

The group adds: “This continues the society’s existing mortgage member pricing pledge, meaning Nationwide’s switcher product rates will be the same or lower than remortgage equivalents.”  

The business says that it is also reducing selected two-, three-, five- and ten-year fixed rates on its additional borrowing range by up to 20bps, while the rate on green additional borrowing is being cut by 16bps to 4.18%.   

It adds that following the Bank of England’s base rate hike to 4.0% from 3.5% last week, the firm’s two-year tracker rates will rise by up to 50bps.  

Nationwide Building Society director of mortgages Henry Jordan says: “We have made a number of rate reductions on our fixed rates since the start of the year and these cuts will make sure our entire range remains competitive for all types of borrowers.”