Nationwide Building Society has announced a significant change for mortgage customers, effective Friday, June 26. The mutual is reducing rates across its fixed mortgage range for both new and existing customers, with cuts of up to 0.25 percentage points on two, three, five, and ten-year fixed rate products.
Rate Cuts and Cashback Offers
The rate changes are designed to support first-time buyers, home movers, and those remortgaging. First-time buyers completing their mortgage with Nationwide will receive £500 cashback. Additionally, first-time buyers and home movers purchasing an energy-efficient property can benefit from up to £500 cashback through Nationwide's Green Reward.
These latest cuts continue Nationwide's existing mortgage customer pricing pledge, ensuring all switcher product rates are the same as or lower than remortgage equivalents. Nationwide, which has branches in Birmingham, competes with HSBC UK, Santander, Barclays, NatWest, Lloyds, and others.
Support for All Borrower Types
Henry Jordan, Nationwide's Group Director of Mortgages, said: “We’re delighted to be making another set of rate cuts this month. As an all-round lender, we’re committed to supporting all borrower types, and these latest reductions will help ensure Nationwide remains a strong choice for new and existing customers – whether they’re buying their first home, moving to their next, or looking for a new deal.”
Additional Cuts by The Mortgage Works
Separately, Nationwide's subsidiary The Mortgage Works is cutting rates by up to 0.25 percentage points on selected one, two, and five-year fixed rate products. This marks the third time this month that The Mortgage Works has reduced rates for customers. These latest cuts apply to new customers across its buy-to-let and limited company buy-to-let ranges.
Dan Clinton, Head of Buy-to-Let at The Mortgage Works, said: “We’re making further rate cuts across our mortgage range – our third set of rate cuts in June – as part of our ongoing commitment to supporting individual and limited company landlords. Cost pressures remain a concern and these latest changes will help manage those challenges while reinforcing The Mortgage Works as a leading choice for landlords.”
