Nationwide Building Society is set to introduce a series of mortgage rate cuts effective from tomorrow, Wednesday 14 August, with reductions of up to 0.20% across its 2, 3- and 5-year fixed-rate products.
For new customers planning to move home, a 5-year fixed-rate mortgage at 60% loan-to-value (LTV) with a £1,499 fee has also been lowered by 0.16% to 3.83%.
Another 5-year product at 60% LTV with a £999 fee has also seen a 0.16% reduction, coming in at 3.88%.
Additionally, Nationwide’s 5-year fixed-rate at 85% LTV with a £999 fee has been lowered to 4.37%, a 0.13% decrease, while its 2-year fixed-rate at 60% LTV with a £999 fee has been reduced by 0.11%, bringing the rate to 4.35%.
Existing customers who are moving home will benefit from identical reductions.
First-time buyers are set to see the most significant rate cuts, with reductions of up to 0.20%.
The lender’s 5-year fixed-rate mortgage at 60% LTV with a £999 fee has been reduced to 4.19%, down 0.20%.
In addition, its 5-year fixed-rate at 85% LTV with a £999 fee has been adjusted to 4.46%, a reduction of 0.09% and its 2-year fixed-rate at 85% LTV with a £999 fee has been reduced to 4.90%, a 0.05% decrease.
For those looking to remortgage, Nationwide cut rates by up to 0.18%.
Its 5-year fixed-rate mortgage at 60% LTV with a £999 fee is now 4.20%, down 0.12%.
It’s 5-year fixed-rate at 75% LTV with no fee has seen the most significant reduction, down 0.18% to 4.50%.
The 2-year fixed-rate at 60% LTV with a £999 fee has been reduced to 4.57%, down 0.13%.
In addition, Nationwide has adjusted its switcher rates by up to 0.20%, with rates beginning at 4.06%.
These reductions extend Nationwide’s existing customer pricing pledge, ensuring that all switcher product rates are the same or lower than the remortgage equivalents.
Additional borrowing rates have also been reduced by up to 0.19% on 2-, 3- and 5-year fixed-rate products up to 90% LTV, with rates starting from 4.06%.
Henry Jordan, Nationwide’s director of home, said: “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.”