Nationwide will be cutting rates by up to 0.30 percentage points on selected two, three, five and ten-year fixed rate and two-year tracker products across its mortgage range. The new rates will be effective from tomorrow, Wednesday 7 May.
Nationwide’s lowest mortgage rate now stands at 3.84%, which is available to existing and new customers who are looking to move to a new home. This rate is available on both the two-year and five-year fixed rate products.
For the first time since September 2024, Nationwide will be offering sub-4% rates for first-time buyers. The lowest first-time buyer rate is 3.94% and available on a two-year fixed rate product at 60% loan-to-value (LTV) with a £1,499 fee. First-time buyers can also get 3.99% on the same 60% LTV, two-year fixed rate product but with a lower £999 fee.
Rates will also be reduced for first-time buyers with smaller deposits, including cuts of up to 0.30 percentage points. Nationwide’s five and ten-year fixed rate products also come with its Helping Hand mortgage boost, which enables eligible first-time buyers to borrow up to six times their income, up to 95 per cent LTV.
The new rates include:
Existing and new customers moving home: reductions of up to 0.25% across two, three, five and ten-year fixed rate and two-year tracker products up to 95% LTV, including:
- Two-year fixed rate at 60% LTV with a £1,499 fee is 3.84% (reduced by 0.05%)
- Two-year fixed rate at 60% LTV with a £999 fee is 3.89% (reduced by 0.05%)
- Two-year fixed rate at 85% LTV with a £999 fee is 4.19% (reduced by 0.21%)
- Three-year fixed rate at 95% LTV with a £999 fee is 5.02% (reduced by 0.25%)
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.
First-time buyers: reductions of up to 0.30% across two, three, five and ten-year fixed rate and two-year tracker products up to 95% LTV, including:
- Two-year fixed rate at 60% LTV with a £1,499 fee is 3.94% (reduced by 0.15%)
- Two-year fixed rate at 60% LTV with a £999 fee is 3.99% (reduced by 0.15%)
- Five-year fixed rate at 85% LTV with no fee is 4.54% (reduced by 0.30%)
- Two-year fixed rate at 95% LTV with a £999 fee is 4.85% (reduced by 0.27%)
Remortgage: reductions of up to 0.20% across two, three and ten-year fixed rate products. These include:
- Two-year fixed rate at 95% LTV with a £999 fee is 5.44% (reduced by 0.16%)
- Ten-year fixed rate at 75% LTV with a £999 fee is 4.49% (reduced by 0.20%)
Switcher (for existing Nationwide customers coming to the end of their current mortgage deal): reductions of up to 0.20% across two and ten-year fixed rate products These include:
- Two-year fixed rate at 95% LTV with a £999 fee is 5.39% (reduced by 0.10%)
- Ten-year fixed rate at 75% LTV with a £999 fee is 4.44% (reduced by 0.20%)
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.
Carlo Pileggi, Nationwide’s Senior Manager – Mortgages, said: “We’re pleased to be able to make our third rate cut in three weeks as we strive to remain one of the most competitive lenders in the market. This latest round of changes includes us offering sub-four percent rates for first-time buyers, as well as reducing rates across our Helping Hand mortgages, which enable eligible first-time buyers to borrow up to six times their income up to 95 per cent loan-to-value.”
Full details on all rates can be found here.
