Nationwide has cut rates by up to 0.30% on selected two-, three-, five- and ten-year fixed rates and two-year tracker products across its mortgage range.
The lender’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 two-year and five-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 is 3.94% and available on a two-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, two-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 five- 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.
Nationwide senior manager – mortgages Carlo Pileggi says: “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% LTV.”
Meanwhile, MPowered Mortgages has cut its two-, three-, and five-year fixed mortgage rates by as much as 0.17%.
The cuts, which are the third batch since the start of April, include two-year fixes which now start at 3.94% for those with a 40% deposit paying a £999 fee and 4.19% with no fee.
The lender’s three-year remortgage rates now start at just 3.89% for those with a 40% deposit paying a £999 fee and 4.09% with no fee.
In addition, five-year fixed rates now start at just 4.04% for those with a 40% deposit paying a £999 fee and 4.17% with no fee.
MPowered Mortgages chief executive officer Stuart Cheetham says: “We are pleased to be cutting rates once again. Swap rates have continued to fall which has allowed us to offer even lower rates to our customers.
“We have seen mortgage rates falling over the past few weeks or so making now an attractive time to get on the ladder.”
“New lower rates will also bring welcome relief to those remortgaging. With further Base Rate rate cuts expected this year we may see rates come down a little further although much of this is already baked into current rates so securing a mortgage at today’s rates could be a prudent move as then you can lock it in.”
