Nationwide has announced its second significant mortgage rate reduction in less than 24 hours. The Mortgage Works, a subsidiary of Nationwide, will implement rate cuts of up to 0.26 percentage points on selected two, three, and five-year fixed rate products for both new and existing customers, effective from tomorrow (Wednesday, 17 June).
Buy-to-Let Rate Reductions
The rate cuts apply across The Mortgage Works' buy-to-let and limited company buy-to-let ranges. Key reductions include a two-year fixed rate remortgage product with free valuation and free legals, offered at 3.49% (reduced by 0.10%) with a 3% fee, available up to 65% loan-to-value (LTV). Additionally, a two-year fixed rate for existing customer switchers is also set at 3.49% (reduced by 0.10%) with a 3% fee, up to 65% LTV. For limited company buy-to-let, a two-year fixed rate for purchase, remortgage, and further advance with free valuation is available at 4.98% (reduced by 0.26%) with a £3,995 fee, up to 75% LTV.
Keir Fraser, Lead Manager at The Mortgage Works, commented: “We’re making further rate cuts across our mortgage range as part of our ongoing commitment to supporting individual and limited company landlords. We remain focused on maintaining a comprehensive product offering and will continue to review our range to ensure we are meeting the needs of our customers.”
Nationwide's Broader Rate Cuts
Yesterday, Nationwide, which has branches in Birmingham, announced it would cut rates across its fixed mortgage range to support first-time buyers, home movers, and those remortgaging. These new rates, effective from Tuesday, 16 June, include reductions of up to 0.28 percentage points across two, three, five, and ten-year fixed rate products. Nationwide's lowest rate now stands at 4.29%.
Carlo Pileggi, Nationwide’s Head of Mortgage Products, said: “We’re delighted to be cutting rates again as we look to put Nationwide at the forefront of borrowers’ minds. These changes will support first-time buyers and home movers, as well as provide competitive options for those looking to remortgage. Following the rate cuts last week to our switcher range for existing customers, this underlines our role as an all-round lender focused on supporting borrowers across the housing market.”
