Nationwide is making further rate cuts across its fixed rate mortgage range and lowering the price on selected tracker mortgage products, effective tomorrow.
The new fixed rates include remortgage reductions of up to 0.19% across two-, three-, five- and 10-year fixed rate products up to 95% LTV.
The two-year fixed rate at 90% LTV with a £999 fee will decrease by 0.15% to 4.99% while the two-year fixed rate at 90% LTV with no fee will be lowered by 0.19% to 5.20%.
The five-year fixed rate at 60% LTV with a £999 fee will be reduced by 0.10% to 4.49% and the two-year fixed rate at 60% LTV with a £1,499 fee is going to be trimmed by 0.07% to 4.37%.
Switcher rate reductions of up to 0.16% across two-, three-, five- and 10-year fixed rate products up to 95% LTV including the two-year fixed rate at 60% LTV with a £999 fee which is being lowered by 0.07% to 4.37% and the two-year fixed rate at 80% LTV with no fee, which is being reduced by 0.16% to 4.98%.
In addition, the five-year fixed rate at 60% LTV with a £999 fee is being cut by 0.10% to 4.44%.
Meanwhile, first-time buyers reductions will see the five-year fixed rate at 60% LTV with a £999 fee cut by 0.19% to 4.37% and two-year fixed rate at 90% LTV with no fee lowered by 0.13% to 4.93%.
The five-year fixed rate at 90% LTV with a £999 fee will be trimmed by 0.13% to 4.61% and the five-year fixed rate at 95% LTV with a £999 fee will be 0.12% lower at 5.08%.
First-time buyers also receive £500 cashback when they complete their mortgage with Nationwide. First-time buyers and those moving home can also benefit from cashback of up to £500 if they purchase an energy-efficient property through Nationwide’s Green Reward.
For existing and new customers moving home, the five-year fixed rate at 90% LTV with no fee will be 0.10% lower at 4.69% and the three-year fixed rate at 75% LTV with a £999 fee will be cut by 0.10% to 4.49%.
Also being lowered is the two-year fixed rate at 85% LTV with a £999 fee, which is going down by 0.09% to 4.45% and the three-year fixed rate at 95% LTV with a £999 fee, which is being reduced by 0.15% to 5.16%.
Nationwide head of mortgage products Carlo Pileggi says: “Another set of rate cuts across our mortgage range is further proof that Nationwide is an all-round lender committed to supporting all types of borrowers. The changes we’re making tomorrow will ensure we remain competitive and continue to be front of mind for brokers and customers alike in a fast-moving mortgage market.”
Also commenting on Nationwide’s latest cuts is Trinity Financial product and communications director Aaron Strutt, who says: “Nationwide’s rates are coming down again and its best buy three- and five-year fixes are getting even cheaper. The building society is bringing out a 4.34% three-year fix and a 4.26% five-year fix, but the 4.19% two-year fix is staying the same.”
“It is good to start another week with the continuation of mortgage price reductions as cheaper rates clearly bring more positivity to home-buyers and the property market in general.”
“The price gap between two, three and five-year fixes is still getting tighter as we edge closer to sub-4% fixes again. Three-year fixes are not as popular and two and five-year deals but they are a good option for those looking for slightly more payment security.”
Elsewhere, Virgin Money has announced cuts on purchase, remortgage and product transfer rates, which are live from tomorrow.
Purchase two- and five-year fixes will be cut by as much as 0.10%, while shared ownership fixed rates will be lowered by up to 0.10%. Selected trackers with £999 fee will be reduced by up to 0.11%/
The lender’s remortgage two- and five-year fixes will also be trimmed by up to 0.16% and 0.10% respectively. Also, 10-year fixed will be cut by as much as 0.09% and selected trackers with £999 fee will be reduced by up to 0.15%.
In its product transfer rates, selected two- and three-year fixes will be lowered by up to 0.16%, while five-year fixes will see reductions of up to 0.10% and 10-year fixes will be cut by as much as 0.09%. Selected trackers with £999 fee will be reduced by up to 0.12%.
Meanwhile, GB Bank has reduced its 65% LTV BTL core range rates by an additional 0.30% across its two-, three- and five-year fixed rate products.
The refreshed range now includes two-year fixed rates from 4.39% with a 5% fee or 5.39% with a 3% fee, three-year fixed rates are available from 4.77% or 5.77%, and five-year fixed rates available from 5.53% or 6.13%.
Rates at 75% LTV remain unchanged.
These rate cuts also apply to GB Bank’s bespoke proposition at 65% LTV which is priced on a case-by-case basis for loans greater than £3m.
In addition, Foundation has announced that it will be withdrawing the majority of its buy-to-let (BTL) products tomorrow and will be replaced with new prices on 8 July.
