Nationwide Building Society has cut rates for first-time buyers and home movers with small deposits on selected mortgages by up 20 basis points.
The country’s largest building society adds that it will also cut rates for home movers and FTBs looking to buy a home through shared equity by up 34 basis points.
The new rates for FTBs across two and five-year fixed-rate products between 80% and 95% loan-to-values include:
A two-year fixed–rate mortgage at 90% LTV reduced by 0.20% to 2.24%, with a £999 fee.
A two-year fixed-rate loan at 95% LTV down by 0.15% to 3.39%, with no product fee
And a five-year fixed-rate offer at 95% LTV cut by 0.20% to 3.39%, with a £999 fee.
Its latest rates for new customers moving home across two and five-year fixed-rate products between 80% and 95% LTV include:
A two-year fixed-rate mortgage at 90% LTV reduced by 0.16% to 2.18%, with a £999 fee.
A five-year fixed-rate deal at 90% LTV cut by 0.15% to 2.79%, with a £999 fee.
And a five-year fixed-rate offer at 95% LTV down by 0.20% to 3.39%, with a £999 fee.
New remortgage rate cuts of up to 20 basis points across selected two, five and ten-year fixed-rate products at 80% and 85% LTV include:
A five-year fixed-rate loan at 85% LTV reduced by 0.20% to 2.34%, with a £999 fee.
And a two-year fixed-rate deal at 85% LTV reduced by 0.15% to 2.29%, with no product fee.
Nationwide says its shared equity rate cuts of up to 34 basis points are on selected two and five-year fixed rates between 60% and 80% LTV. Rates start from 1.20% for two-year fixed mortgages and 1.30% for the five-year fixed products.
For its existing members moving home, the firm has cut rates by up to 0.20% on selected two and five-year products between 80% and 95% LTV.
The lender is also reducing selected further advance, family deposit mortgage and switcher rates between 60% and 95% LTV by up to 20 basis points.
The mutual adds that its FTB mortgages also come with £500 cashback, while customers looking to remortgage can choose between £500 cashback, or free standard legal fees.
Nationwide director of mortgages Henry Jordan says: “Nationwide remains as committed as ever to helping people move into their first home or onto their next.
“We are making these rate cuts to ensure we continue to be one of the most competitive lenders around at a time when demand remains high.
“These latest changes further enhance the society’s products aimed at those with smaller deposits, and alongside our £500 cashback and Helping Hand mortgage that supports borrowers in meeting affordability requirements, mean Nationwide continues to offer a compelling proposition for FTBs.”
