Nationwide will be cutting rates across its fixed mortgage range for first-time buyers and home movers, effective tomorrow.
These latest changes will see rates reduced by up to 0.25 percentage points across two, three and five-year fixed rate products, with the lender’s lowest rate at 4.50%.
First-time buyer reductions include the five-year fixed rate at 90% LTV with a £999 fee, down 0.25% to 5.25%, the two-year fixed rate at 60% LTV with a £1,499 fee, which has been lowered by 0.24% to 4.66% and three-year fixed rate at 80% LTV with a £999 fee, which has been reduced by 0.25% to 5.05%.
FTBs will also receive £500 cashback when they complete their mortgage with Nationwide.
FTBs 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.
In addition, cuts have been made to existing and new customers moving home of up to 0.25% across two, three and five-year fixed rate products up to 95% LTV.
These include the two-year fixed rate at 60% LTV with a £1,499 fee, which is down 0.16% to 4.50%, the five-year fixed rate at 80% LTV with a £999 fee, 0.17% lower at 4.81% and the two-year fixed rate at 75% LTV with a £1,499 fee, which has been reduced by 0.12% to 4.65%.
Nationwide head of mortgage products Carlo Pileggi says: “We’re delighted to be able to make cuts to our mortgage rates to support both first-time buyers and those looking to move to their next home.”
“These changes apply across those ranges, with some of our largest cuts being made on higher loan-to-value mortgages, which will benefit first-time buyers looking to get onto the property ladder.”
Meanwhile, Trinity Financial product and communications director Aaron Strutt says: “Nationwide’s last mortgage rate change was on the 1st April and while its rates were pretty much market leading at the time they didn’t look great. This time Nationwide has gone one step further than its competitors by offering two-year fixes from 4.50%, three-year fixes from 4.68% and five-year fixes also from 4.68%.”
“Its tracker rates look good as they start from 4.14%. While it is great to see rates come down again, the only question is how long it will be before the lender has to increase them.”
