Nationwide is making reductions to the majority of its fixed rate mortgages by up to 0.20 per cent, having already confirmed it will pass on the full 0.25 per cent base rate reduction to its existing tracker mortgage, base mortgage rate and standard mortgage rate customers.
From tomorrow (10 August) the building society is making cuts across a large selection of its two, three, five and 10-year fixed rate products.
Two-year fixed rate products start at 1.49 per cent, with a £999 fee and 1.89 per cent with no fee.
Three-year fixes come in at 1.79 per cent with a £999 fee and 2.09 per cent with no fee, while the five-year range at 2.14 per cent with a £999 fee and 2.34 per cent with no fee.
For those looking for a decade of payment security, the 10-year fix is now at its lowest ever for the lender, from 2.79 per cent with a £999 fee and 2.89 per cent with no fee, for the 60 per cent loan-to-value deal.
Following the 0.25 per cent reduction in the Bank of England’s base rate, existing Nationwide mortgage tracker customers saw the decrease passed on in full. For new customers, rates for two-year tracker products will start at 1.29 per cent with a £999 fee and 1.69 per cent with no fee.
As soon as the Monetary Policy Committee had published its interest rate decision last Wednesday, lenders began confirming their intentions to move rates in line with the historic new low.
All standard mortgage valuations are now fee-free, while first time buyers receive a £500 cashback to help with the cost of moving. Nationwide Flex main current account holders who are taking out a mortgage are also eligible for an additional £250 cashback.
Nationwide’s head of mortgages Henry Jordan added: “For our existing customers, we offer both rates that are always discounted by 0.10 per cent when compared to the new customer rate and a £250 for those mortgage customers moving home or switching to a new product,” he stated.
“With the combination of competitive rates and access to additional benefits for both new and existing customers, Nationwide will continue to offer deals that are amongst the best on the high street.”
peter.walker@ft.com
