Nationwide Building Society has cut interest rates once again across its line of mortgage products. The lender yesterday reduced mortgage rates by 0.81 percentage points for new and existing customers.
Furthermore, Nationwide launched a new range of fixed and tracker rate products with a £1,499 fee. Following these changes, the building society is offerings rates at 3.84 per cent which is the lowest level in eight months.
The building society announced a wave of changes to its line of mortgage products
NATIONWIDE
After yesterday’s decision, Nationwide Building Society is offering the following rates to new and existing mortgage customers:
New customers moving home
- Five-year fixed rate at 60 per cent LTV with a £1,499 fee is 3.85 per cent (New product)
- Three-year fixed rate at 75 per cent LTV with a £999 fee is 4.24 per cent (reduced by 0.75 per cent)
- Two-year fixed rate at 85 per cent LTV with a £1,499 fee is 4.49 per cent (New product)
- Two-year tracker rate 60 per cent LTV with a £1,499 fee is 5.35 per cent (New product).
First-time buyers
- Five-year fixed rate at 60 per cent LTV with a £1,499 fee is 3.85 per cent (New product)
- Three-year fixed rate at 75 per cent LTV with a £999 fee is 4.34 per cent (reduced by 0.74 per cent)
- Two-year fixed rate at 85 per cent LTV with a £1,499 fee is 4.56 per cent (New product)
- Two-year tracker rate 60% per cent LTV with a £1,499 fee is 5.50% per cent (New product).
Remortgage
- Five-year fixed rate at 60 per cent LTV with a £999 fee is 3.88 per cent (reduced by 0.80 per cent)
- Three-year fixed rate at 75 per cent LTV with a £999 fee is 4.50 per cent (reduced by 0.39 per cent)
- Two-year fixed rate at 60 per cent LTV with a £1,499 fee is 4.33 per cent (New product)
- Two-year tracker rate 75 per cent LTV with a £1,499 fee is 5.50 per cent (New product),
The building society also slashed selected two, three, five and ten-year switcher rates at 95 per cent by up to 0.81 per cent with rates beginning from 3.84 per cent.
These latest cuts are part of Nationwide’s existing mortgage member pricing pledge which promises that switcher product rates will be the same or lower than the remortgage equivalents.
On top of this, the building society is bringing down for interest rates and for existing customers moving home by up to 0.80 per cent.
It is also introducing a range of products with £1,499 fee, with rates now starting from 3.85 per cent. Interest rates for additional borrowing will be reduced by 0.81 per cent and will now start from 3.84 per cent.
Nationwide has slashed rates once again
GETTY/NATIONWIDE
Henry Jordan, the director of Home at Nationwide Building Society, reiterated the lender’s commitment to “supporting borrowers”.
He explained: “These latest changes mean we are now offering sub-four percent rates for the first time in eight months.
“These reductions will ensure that we have some of the lowest rates on the market for all types of borrowers whether it be first-time buyers, home movers or those looking to remortgage or switch deal.”
A full breakdown of the changed mortgage rates can be found by visiting Nationwide Building Society’s website.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
