Mutual’s lowest lending rate drops to 3.81%
Nationwide Building Society will reduce selected fixed mortgage rates by up to 0.20 percentage points, with the changes taking effect tomorrow, July 2.
The reductions apply to a range of two-, three- and five-year fixed rate deals, targeting first-time buyers, home movers, and remortgagors.
Following the changes, the mutual’s lowest new lending rate will start at 3.81%. Remortgage customers will also see lower rates, with pricing beginning at 3.89%.
For first-time buyers, rates will fall by as much as 0.20% across products up to 90% loan-to-value (LTV). This includes a two-year fixed rate at 60% LTV with a £1,499 fee reduced to 3.94%, a three-year fixed at 75% LTV with a £999 fee now at 4.20%, and a five-year fixed at 90% LTV with a £999 fee lowered to 4.39%.
Customers moving home will benefit from similar reductions of up to 0.20%. New and existing borrowers can now access a two-year fixed rate at 60% LTV with a £1,499 fee priced at 3.81%, a three-year fixed at 85% LTV with a £999 fee set at 4.35%, and a five-year fixed at 90% LTV with a £1,499 fee now at 4.34%.
Remortgage rates are being cut by up to 0.10%. The lender is offering a two-year fixed at 60% LTV with a £1,499 fee at 3.89%, a three-year fixed at 75% LTV with a £999 fee at 4.19%, and a five-year fixed at 75% LTV with no fee at 4.22%.
Nationwide, one of the UK’s largest mortgage lenders, confirmed that existing customers who are moving home will continue to receive rates equal to or better than those available to new borrowers.
“These latest reductions will be welcome news for borrowers looking to buy their first home or move onto their next,” said Carlo Pileggi, mortgages senior manager at Nationwide Building Society.
“We’re proud to support all areas of the market, whether it’s first-time buyers – through our Helping Hand boost, which enables eligible first-time buyers to borrow up to six times their income – home movers or those looking for a new deal. With our reduced rates starting from 3.81%, we aim to be front of mind.”
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