Lender's fixed rates now start at 3.58%
Nationwide Building Society is cutting rates across its fixed rate mortgage range from tomorrow, Dec. 5, with reductions of up to 0.21 percentage points on selected two-, three-, and five-year products up to 95% loan-to-value (LTV).
The revised pricing applies to first-time buyers, home movers, existing borrowers switching deals and remortgage customers. The lender’s lowest fixed rate now stands at 3.58%, marking the first time since September 2022 that Nationwide has priced a fixed product below 3.60%.
For first-time buyers, rates will fall by as much as 21 basis points (bps) across two-, three-, and five-year fixes up to 95% LTV. Examples include a two-year fix at 85% LTV with a £999 fee at 3.92%, a two-year fix at 95% LTV with no fee at 4.68%, and a five-year fix at 95% LTV with a £999 fee at 4.78%. First-time buyers are also eligible for £500 cashback on completion.
Borrowers moving home, whether existing or new customers, will see reductions of up to 13bps on fixed rates up to 95% LTV. Illustrative products include a two-year fix at 60% LTV with a £1,499 fee at 3.58%, a two-year fix at 75% LTV with a £999 fee at 3.67%, a two-year fix at 85% LTV with a £999 fee at 3.81%, and a five-year fix at 60% LTV with a £999 fee at 3.80%. Nationwide continues to price home-mover products so that existing borrowers receive the same or a lower rate than the equivalent deal for new customers.
First-time buyers and home movers may also qualify for up to £500 cashback if they purchase an energy-efficient property under Nationwide’s Green Reward scheme.
For existing Nationwide borrowers reaching the end of their deal and switching products, fixed rates up to 90% LTV will fall by up to 10bps. Examples include a two-year fix at 60% LTV with a £999 fee at 3.65%, a five-year fix at 60% LTV with a £999 fee at 3.74%, and a three-year fix at 75% LTV with a £999 fee at 3.93%.
Remortgage customers will see cuts of up to 14bps on selected two-, three-, and five-year fixes up to 95% LTV. Representative products include a two-year fix at 60% LTV with a £1,499 fee at 3.65%, a five-year fix at 60% LTV with a £999 fee at 3.79%, and a three-year fix at 85% LTV with no fee at 4.35%. Under Nationwide’s existing mortgage customer pricing pledge, all switcher rates remain the same as or lower than the equivalent remortgage products.
“We’re making cuts across our fixed rate mortgage range with even more of our rates now below 4%,” said Carlo Pileggi, head of mortgage products at Nationwide. “These latest changes, which follow hot on the heels of the wide-ranging rate cuts we made at the end of last week, demonstrate that Nationwide remains focused on offering competitive rates to first-time buyers, home movers and those looking for a new deal.”
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