Nationwide has announced a significant change for many of its new and existing customers, with a welcome enhancement taking effect from today (February 13).
The world’s largest building society is cutting fixed mortgage rates by up to 0.16 percentage points. This move aims to assist everyone from first-time buyers struggling to step onto the property ladder to existing customers seeking a better deal.
As a result of these reductions, Nationwide’s lowest rate now stands at a competitive 3.54%.
These changes apply to a broad range of two, three, and five-year fixed-rate products. Whether you’re a first-time buyer or looking to remortgage, there’s likely a saving to be made.
First-time homebuyers stand to gain some of the most substantial benefits, with reductions of up to 0.16%:
First-time buyers also receive £500 cashback upon completion. Plus, if you purchase an energy-efficient home, you could secure an additional £500 through the “Green Reward” scheme.
Existing and new customers moving house can see rates reduced by up to 0.15%:
- Two-year fixed rate at 60% LTV with a £1,499 fee is 3.54% (reduced by 0.15%)
- Five-year fixed rate at 85% LTV with a £1,499 fee is 3.94% (reduced by 0.15%)
- Two-year fixed rate at 85% LTV with a £999 fee is 3.78% (reduced by 0.09%)
Remortgage: reductions of up to 0.15% across two, three and five-year fixed rate products up to 90% LTV, including:
Switcher (for existing Nationwide customers coming to the end of their current mortgage deal): reductions of up to 0.11% across two, three and five-year fixed rate products up to 90% LTV, including:
- Three-year fixed rate at 80% LTV with a £999 fee is 4.05% (reduced by 0.11%)
- Five-year fixed rate at 80% LTV with a £999 fee is 3.99% (reduced by 0.06%)
The move comes as lenders continue to vie for customers in an evolving market. Carlo Pileggi, Nationwide’s Head of Mortgage Products, stated the building society regularly reviews its rates to stay competitive.
He added: “These latest rate cuts are great news for first‐time buyers and home movers, who will see the biggest benefit.”