Nationwide Building Society has announced significant changes for thousands of customers, effective from Friday morning. The UK's largest building society will reduce mortgage rates for first-time buyers and home movers, offering reductions of up to 0.25 percentage points across its fixed rate range for both new and existing customers.
New lowest rate at 4.50%
Nationwide's lowest rate now stands at 4.50% for new and existing customers looking to move home. The new rates are effective from Friday, 24 May. These latest changes include reductions of up to 0.25 percentage points across two, three, and five-year fixed rate products.
First-time buyer benefits
First-time buyers can enjoy reductions of up to 0.25% across two, three, and five-year fixed rate products up to 95% loan-to-value (LTV). Additionally, they receive £500 cashback when completing their mortgage with Nationwide. Those purchasing an energy-efficient property can also benefit from up to £500 cashback through Nationwide's Green Reward.
Home mover offers
Existing and new customers moving home can also benefit from reductions of up to 0.25% across two, three, and five-year fixed rate products up to 95% LTV. The latest changes demonstrate Nationwide's commitment to offering existing customers moving home the same or lower rates than those available to new customers.
Carlo Pileggi, Nationwide's Head of Mortgage Products, said: "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."
