Nationwide Building Society is reducing selected fixed and tracker rates across its range by 0.40 percentage points, with rates now starting from 0.87%, its lowest ever rate for new lending.
This includes reductions of up to 0.40 % across selected fixed and tracker rate products up to 95% loan-to-value (LTV).
For new customers moving home, this includes 2-year fixed rate at 60% LTV reduced by 0.04% to 0.87%, with a £1,499 fee, a 2-year tracker rate at 60% LTV reduced by 0.40% to 0.99%, with a £999 fee, and a 2-year fixed rate at 75% LTV reduced by 0.04% to 1.00%, with a £1,499 fee.
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For first-time buyers, the lender has made reductions of up to 0.30% across selected fixed and tracker rate products up to 95% LTV.
Among others, this includes a 2-year tracker rate at 60% LTV reduced by 0.20% to 1.09%, with a £1,499 fee, and a 5-year fixed rate at 85% LTV reduced by 0.04% to 2.20%, with a £1,499 fee.
For remortgages, the lender has reduced rates by up to 0.40% across selected fixed and tracker rate products up to 85% LTV.
As a result, its 2-year fixed rate at 60% LTV has been reduced by 0.04% to 0.87% with a £1,499 fee, its 3-year fixed rate at 80% LTV has been reduced by 0.09% to 1.59% with a £999 fee, and its 5-year fixed rate at 85% LTV reduced by 0.05% to 2.29% with a £999 fee.
For the society’s existing members moving home, Nationwide is reducing rates by up to 0.40% on selected fixed and tracker products up to 95% LTV.
Nationwide is also reducing selected further advance, family deposit mortgage and switcher rates by up to 0.32% and selected shared equity rates by up to 0.20%.
Henry Jordan, director of mortgages at Nationwide, said: “As one of the largest lenders in the UK we always keep our rates under review to ensure we can maintain our competitive position in the market.
“These latest reductions see the society launch its lowest ever new lending mortgage rate, which will offer those looking for a new deal one of the best rates available.
“However, reductions have been made at all loan to value levels so whether someone is buying a new home, remortgaging their existing property or getting a further advance to improve their home we have a range of mortgages on offer to suit their needs.”