Nationwide Reduces Purchase and Remortgage Rates by Up to 0.16%
Nationwide has announced significant reductions in mortgage rates for first-time buyers, home movers, and remortgagers. Rates are being lowered by as much as 0.16% across various fixed-rate products, effective tomorrow.
New Competitive Rates for Homebuyers and Remortgagers
For new and existing customers, Nationwide’s lowest two-year fixed rate now starts at 3.54% for mortgages with 60% loan-to-value (LTV) ratios. The mortgage lender has also adjusted rates in its home mover category, with an 85% LTV offering seeing cuts of up to 15 basis points (bps).
Details of Rate Reductions
- Two-year fixed rate at 85% LTV: 3.78% with a £999 fee
- Five-year fixed rate at 85% LTV: 3.94% with a £1,499 fee
First-time buyer rates have similarly decreased, with the most notable cut being a three-year fixed rate at 90% LTV, dropping to 4.40% with a £999 fee. Other reductions include:
- Two-year fixed rate at 60% LTV: 3.67% with a £1,499 fee
- Two-year fixed rate at 90% LTV: 4.10% with a £999 fee
In an added incentive, first-time buyers can benefit from a cashback offer of £500 upon mortgage completion.
Green Reward Initiative
Both first-time buyers and home movers purchasing energy-efficient homes can qualify for a cashback of up to £500 through Nationwide’s Green Reward initiative.
Remortgage and Switcher Rate Cuts
Remortgage rates have been reduced by up to 0.15% across fixed terms up to 90% LTV. Key highlights include:
- Three-year fixed rate at 60% LTV: 3.80% with a £999 fee
- Five-year fixed rate at 80% LTV: 4.04% with a £999 fee
For switchers, rates have been decreased by up to 0.11%. Current Nationwide customers ending their mortgage terms can access:
- Three-year fixed rate at 80% LTV: 4.05% with a £999 fee
- Five-year fixed rate at 80% LTV: 3.99% with a £999 fee
Expert Insight
Carlo Pileggi, head of mortgage products at Nationwide, stated, “We regularly review our mortgage rates to remain competitive and ensure sustainability. These latest rate cuts are particularly beneficial for first-time buyers and home movers.”
With these adjustments, Nationwide aims to enhance accessibility in the housing market for a wide range of customers.
