Nationwide has revealed today that it will be reducing rates by up to 0.25 percentage points across selected two, three and five-year fixed rate products with the new rates effective from tomorrow, Friday 28 February.
Nationwide’s lowest mortgage rate now stands at 3.99%, which is available to existing customers looking to move to a new deal and to new customers looking to remortgage.
The new rates include:
Switcher (for existing Nationwide customers coming to the end of their current mortgage deal): reductions of up to 0.17% across selected two, three and five-year products up to 90% LTV with rates starting from 3.99%. These include:
- Five-year fixed rate at 60% LTV with a £999 fee is 3.99% (reduced by 0.13%)
- Two-year fixed rate at 60% LTV with a £999 fee is 4.09% (reduced by 0.15%)
- Five-year fixed rate at 75% LTV with no fee is 4.32% (reduced by 0.17%)
These latest changes also continue Nationwide’s existing mortgage customer pricing pledge, meaning that all switcher product rates will be the same or lower than the remortgage equivalents.
Remortgage: reductions of up to 0.15% across two, three and five-year fixed rate products up to 90% LTV with rates starting from 3.99%. These include:
- Five-year fixed rate at 60% LTV with a £1,499 fee1 is 3.99% (reduced by 0.13%)
- Two-year fixed rate at 60% LTV with a £1,499 fee1 is 4.09% (reduced by 0.15%)
- Five-year fixed rate at 60% LTV with no fee is 4.24% (reduced by 0.14%).
Nationwide is also cutting selected fixed rates for both first-time buyers and those looking to move to their next home.
First-time buyers: reductions of up to 0.25% across two, three and five-year fixed rate products up to 95% LTV, including:
- Five-year fixed rate at 90% LTV with a £999 fee is 4.74% (reduced by 0.25%)
- Two-year fixed rate at 85% LTV with no fee is 4.99% (reduced by 0.06%)
- Three-year fixed rate at 75% LTV with a £999 fee is 4.39% (reduced by 0.05%)
New customers moving home: reductions of up to 0.14% across two, three and five-year fixed rate products up to 95% LTV, including:
- Five-year fixed rate at 60% LTV with a £1,499 fee1 is 4.02% (reduced by 0.07%)
- Three-year fixed rate at 60% LTV with a £999 fee is 4.09% (reduced by 0.10%)
- Five-year fixed rate at 85% LTV with a £999 fee is 4.39% (reduced by 0.06%)
Existing customers moving home: reductions of up to 0.10% across two, three and five-year fixed rate products up to 95% LTV, including:
- Five-year fixed rate at 60% LTV with a £1,499 fee1 is 4.02% (reduced by 0.07%)
- Three-year fixed rate at 60% LTV with a £999 fee is 4.09% (reduced by 0.10%)
- Five-year fixed rate at 85% LTV with a £999 fee is 4.39% (reduced by 0.06%)
The latest changes again demonstrate how Nationwide continues to offer existing customers who are moving home the same or lower rate than the equivalent rates available for new customers.
Additional borrowing rates are being cut by up to 0.15% on two, three and five-year fixed products up to 90% LTV, with rates starting from 3.99%.
Carlo Pileggi, Nationwide’s Senior Manager – Mortgages, said: “Our third set of rate cuts in three weeks should come as great news for borrowers. We remain as committed as ever to supporting all segments of the market, including those buying their first home or moving to their next, and with our switcher and remortgage rates starting from 3.99%, we aim to be front of mind for those looking for a new deal too.”
