Nationwide has announced several new rate cuts across its mortgage offering, including a reduction on its fixed and tracker mortgage range by up to 0.70 percentage points.
The society has cut rates on its remortgage range by up to 0.19% across its two, three and five-year fixed and two-year tracker rate products, up to 90% loan-to-value (LTV).
Nationwide is also reducing rates on some of its switcher products by up to 0.41%, with rates now starting from 3.94%. This continues the society’s existing mortgage member “pricing pledge” meaning its switcher products will be the same or lower than its remortgage equivalents.
For first-time buyers, Nationwide has also confirmed reductions of up to 0.70% across its two, three and five-year fixed and two-year tracker products, up to 95% LTV. These first-time buyer mortgages come with £500 cashback, while those looking to remortgage to the society can choose between £500 cashback or free standard legal fees.
For those looking to borrow more, Nationwide also confirmed it is reducing its two, three and five-year fixed and two-year tracker rates on its additional borrowing range, by up to 0.41%, while the rate on its green additional borrowing offering is also being reduced by 0.24%, with the rate now 3.94%.
Commenting on the changes, director of home at Nationwide, Henry Jordan, said: “These latest changes mean we will have reduced rates for the fourth time this year and now have a sub-four per cent rate for those looking to remortgage, and a sub-five per cent rate for first-time buyers.
“In a continually moving market, we always aim to remain competitive across the board for first-time buyers, home movers and those looking to remortgage.
“We have also reduced rates on our switcher range to support those coming to the end of their existing deal. With switcher rates now starting at 3.94%, these latest reductions ensure we maintain our existing mortgage member pricing pledge, meaning our switcher products will be the same or lower than our equivalent remortgage rates.”
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