Nationwide Announces Major Mortgage Rate Reductions
Nationwide Building Society has made a significant announcement, cutting fixed mortgage rates by up to 0.16 percentage points for both new and existing customers. This move positions the lender's lowest rate at a highly competitive 3.54%, offering potential savings across a broad range of mortgage products.
Details of the Rate Cuts
The reductions apply to two, three, and five-year fixed-rate mortgages, with specific changes outlined below. For home movers, rates have been reduced by up to 0.15%, including a two-year fixed rate at 60% loan-to-value (LTV) with a £1,499 fee now at 3.54%, down by 0.15%.
Other key reductions include:
- Three-year fixed rate at 90% LTV with a £999 fee: 4.4%, reduced by 0.16%
- Two-year fixed rate at 90% LTV with a £999 fee: 4.1%, reduced by 0.14%
- Five-year fixed rate at 85% LTV with a £1,499 fee: 3.94%, reduced by 0.15%
Remortgage and Switcher Options
For customers looking to remortgage, Nationwide has implemented reductions of up to 0.15% across two, three, and five-year fixed-rate products up to 90% LTV. Examples include a three-year fixed rate at 60% LTV with a £999 fee now at 3.8%, down by 0.15%.
Existing Nationwide customers nearing the end of their current mortgage deal, known as switchers, can benefit from cuts of up to 0.11%. For instance, a three-year fixed rate at 80% LTV with a £999 fee is now 4.05%, reduced by 0.11%.
These changes reflect Nationwide's commitment to providing competitive financing options in the current market, potentially easing the burden for homeowners and buyers alike. The adjustments are effective immediately and apply to a wide array of mortgage scenarios, ensuring accessibility for various financial situations.
