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Nationwide cuts mortgage rates

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Nationwide Building Society is reducing rates across the majority of its fixed rate mortgages by up to 0.20% and trackers by up to 0.10% from today.

New rates include a five-year fixed rate available at 3.29% at 70% loan-to-value (LTV) for new customers and a rate of 3.19% for existing customers.

Its three-year fixed rate is available at 3.09% at 70% LTV for new customers and 2.99% for existing customers. Both deals include a £900 product fee, £99 booking fee, and a £400 discounted product fee for first-time buyers.

The changes include a reduction to NewBuy mortgages of up to 0.20%. Its three-year fixed rate NewBuy mortgage is available at 5.29%, up to 95% LTV for new customers and 5.19% for existing customers.

Alternatively, the lender is offering a standard three-year fixed rate mortgage available at 5.79%, also up to 95% LTV for new customers and 5.69% for existing customers. The deal comes with a £900 product fee, £99 booking fee, and a £400 discounted product fee for first-time buyers.

No product fee rates are available on the deals above.

Tracie Pearce, Nationwide’s head of mortgages, said: “We’re particularly pleased to be able to reduce rates across the board, so everyone benefits, regardless of LTV and whether their deposit is 5% or 30%. This is the second reduction we’ve made to our rates in as many weeks and we’ve maintained the additional discount for existing customers as a reward for their loyalty.”

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