From tomorrow (16 July), Nationwide is reducing selected fixed mortgage rates across its range, with cuts of up to 0.35 per cent at 85 per cent loan-to-value and above.
The reductions are being made on a range of two, three and five-year fixed rate deals, with rates for those with a 10 per cent deposit starting at 3.14 per cent for the two-year fixed rate products, 3.49 per cent for the three-year products and 3.74 per cent for the five-year products.
In addition, there are a wide range of reductions across the ‘flexclusive’ four-year fixed rate mortgage deals, available to Nationwide’s main current account holders, with rates starting at 2.29 per cent with no fee.
A two-year fixed rate at 90 per cent LTV with £999 fee is reduced by 0.1 per cent to 3.14 per cent and with no fee is reduced by 0.1 per cent to 3.54 per cent.
The three-year fixed rate at 85 per cent LTV with £999 fee is reduced by 0.35 per cent to 2.79 per cent and with no fee is reduced by 0.35 per cent to 3.09 per cent while the 90 per cent LTV three-year deal with £999 fee is reduced by 0.25 per cent to 3.49 per cent and the zero fee version is reduced by 0.25 per cent to 3.79 per cent.
For five-year fixed rate deals, the 85 per cent LTV offering with a £999 fee is reduced by 0.15 per cent to 3.24 per cent and the zero fee reduced by 0.15 per cent to 3.44 per cent, the 90 per cent LTV deal with £999 fee is reduced by 0.15 per cent to 3.74 per cent and the zero fee is reduced by 0.15 per cent to 3.94 per cent.
Henry Jordan, Nationwide’s head of mortgages, said the new rates will especially benefit first-time buyers.
He said: “First-time buyers will also qualify for a £500 cashback irrespective of which product they chose.
“With a number of cashback offers and rate reductions available to mortgage customers, we can offer tangible benefits when choosing a Nationwide mortgage, whether opting for a product without or without a fee.”
emma.hughes@ft.com
