Nationwide Building Society will cut rates on its fixed residential mortgages for new customers by up to 55 basis points tomorrow (9 August). 

The mutual says the reductions cover:  

New customers moving home — reductions of up to 45bps across selected two-, three- and five-year fixed products up to 95% loan to value, including:  

• Five-year fixed rate at 60% LTV with a £999 fee is now 5.64%, down by 5bps 
• Three-year fixed rate at 75% LTV with a £999 fee is now 5.99%, reduced by 10bps 
• Two-year fixed rate at 60% LTV with a £999 fee is now 6.14%, cut by 20bps 

First-time buyers — reductions of up to 55bps across selected two-, three- and five-year fixed products up to 95% LTV, including: 

• Five-year fixed rate at 60% LTV with a £999 fee is now 5.64%, down by 10bps 
• Two-year fixed rate at 75% LTV with a £999 fee is now 6.24%, reduced by 15bps 
• Three-year fixed rate at 60% LTV with a £999 fee is now 6.09%, cut by 5bps 

Remortgages — reductions of up to 35bps across selected two-, three- and five-year fixed products up to 90% LTV, including:   

• Five-year fixed rate at 60% LTV with a £999 fee is now 5.64%, down by 5bps 
• Two-year fixed rate at 75% LTV with no fee is now 6.19%, reduced by 20bps 
• Three-year fixed rate at 90% LTV with a £999 fee is now 6.09 %, cut by 35bps 

The mutual is also reducing selected two-, three- and five-year fixed rates for existing customers moving home by up to 30bps. 

It adds that rates on the lender’s range of two-year trackers will increase by 25bps in line with the product terms following the Bank of England’s base rate rise by 25bps to 5.25% last week. 

Nationwide Building Society director of home Henry Jordan says: “These latest changes build on the reductions we made last week for existing customers.  

“With swap rates having fallen from their early July peak and stabilised somewhat, we are now able to reduce rates for new customers.”