Nationwide Building Society has announced another wave of interest rates to its line of mortgage products in a win for prospective homebuyers. The high street lender is slashing rates by up to 0.20 percentage points.
This reduction will be applicable across the building society’s two-, three- and five-year fixed rate products with the new rates effective from tomorrow, Wednesday, August 14. As a result, Nationwide’s lowest mortgage rate now sits at 3.83 per cent.
Here is a full list of the interest rate cuts from Nationwide Building Society:
New customers moving home: cuts of up to 0.16 per cent across two, three, five-year fixed rate products up to 95 per cent LTV, including:
- Five-year fixed rate at 60 per cent LTV with a £1,499 fee is 3.83 per cent (reduced by 0.16 per cent)
- Five-year fixed rate at 60 per cent LTV with a £999 fee is 3.88 per cent (reduced by 0.16 per cent)
- Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.37 per cent (reduced by 0.13 per cent)
- Two-year fixed rate at 60 per cent LTV with a £999 fee is 4.35 per cent (reduced by 0.11 per cent).
Existing customers moving home: cuts of up to 0.16 per cent across two, three, five-year fixed rate products up to 95 per cent LTV, including:
- Five-year fixed rate at 60 per cent LTV with a £1,499 fee is 3.83 per cent (reduced by 0.16 per cent)
- Five-year fixed rate at 60 per cent LTV with a £999 fee is 3.88 per cent (reduced by 0.16 per cent)
- Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.37 per cent (reduced by 0.13 per cent)
- Two-year fixed rate at 60 per cent LTV with a £999 fee is 4.35 per cent (reduced by 0.11 per cent).
First-time buyers: cuts of up to 0.20 per cent across two, three, five-year fixed rate products up to 95 per cent LTV, including:
- Five-year fixed rate at 60 per cent LTV with a £999 fee is 4.19 per cent (reduced by 0.20 per cent)
- Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.46 per cent (reduced by 0.09 per cent)
- Two-year fixed rate at 85 per cent LTV with a £999 fee is 4.90 per cent (reduced by 0.05 per cent).
Remortgage: cuts of up to 0.18 per cent across two, three, five-year fixed rate products up to 90 per cent LTV, including:
- Five-year fixed rate at 60 per cent LTV with a £999 fee is 4.20 per cent (reduced by 0.12 per cent)
- Five-year fixed rate at 75 per cent LTV with no fee is 4.50 per cent (reduced by 0.18 per cent)
- Two-year fixed rate at 60 per cent LTV with a £999 fee is 4.57 per cent (reduced by 0.13 per cent).
In terms of switcher products, Nationwide is cutting selected two, three and five-year switcher rates up to 95 per cent LTV by up to 0.20 per cent with rates starting from 4.06 per cent.
The latest Nationwide mortgage overhaul is part of its current pricing pledge.
This means that all switcher product rates will be the same or lower than the remortgage counterparts.
Additional borrowing rates are being slashed by up to 0.19 per cent on two-, three- and five-year fixed products up to 90 per cent LTV, with rates starting from 4.06 per cent.
Homeowners have been saddled with soaring mortgage repayments as a result of the Bank of England’s decision to raise the base rate.
With the central bank cutting rates from a 16-year high to five per cent, analysts are pricing in much needed relief for those operating in the property market.
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Nationwide Building Society is currently offering £200 to switchers plus access to an eight per cent interest rate on regular savings NATIONWIDE BUILDING SOCIETY
Henry Jordan, Nationwide’s Director of Home, explained the building society’s reasoning behind the latest rate cut.
He explained: “We’re making further cuts across our fixed mortgage range in support of all segments of the market and to ensure that Nationwide continues to be front of mind for those looking to buy their first home, move to their next or who want to switch to a new deal.”
The Bank of England’s next Monetary Policy Committee’s (MPC) next meeting is on September 19.