Effective from tomorrow (Wednesday 2nd July), the cuts apply to a wide range of products for first-time buyers, home movers, and those remortgaging, with Nationwide’s lowest new lending rate now standing at 3.81%.
For first-time buyers, rates will fall by up to 0.20% on fixed deals up to 90% loan-to-value (LTV). This includes a two-year fixed rate at 60% LTV with a £1,499 fee now available at 3.94%, down by 0.05%, while a three-year fixed rate at 75% LTV with a £999 fee has been reduced by 0.14% to 4.20%. A five-year fixed rate at 90% LTV with a £999 fee will now stand at 4.39%, following a 0.10% cut.
New and existing customers moving home will also benefit from rate reductions of up to 0.20% on fixed deals up to 90% LTV. These include a two-year fixed rate at 60% LTV with a £1,499 fee dropping by 0.09% to 3.81%. A three-year fixed rate at 85% LTV with a £999 fee will be reduced to 4.35%, while a five-year deal at 90% LTV with a £1,499 fee will now be 4.34%, down 0.06%.
For remortgaging customers, fixed rates up to 85% LTV will be reduced by up to 0.10%, with rates starting from 3.89%. Among the revised deals are a two-year fixed rate at 60% LTV with a £1,499 fee now at 3.89% (cut by 0.03%), a three-year fixed rate at 75% LTV with a £999 fee reduced by 0.05% to 4.19%, and a five-year fixed rate at 75% LTV with no fee now at 4.22% following a 0.06% reduction.
Carlo Pileggi, Nationwide’s senior manager – mortgages, said:
“These latest reductions will be welcome news for borrowers looking to buy their first home or move onto their next. 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.”
