Buy To Let
Nationwide introduces sub-4% mortgages despite base rate hike
Despite the news of yesterday’s Bank of England base rate rise to 4.25%, Nationwide Building Society has announced a series of mortgage rate cuts on its remortgage, first-time buyer and new customer moving home products with a number coming in at under 4%. These rate changes all take effect from today.
On the remortgage side, cuts of up to 0.45% have been made to two, three and five-year fixed rates and two-year tracker deals up to 90% loan to value (LTV).
This includes its two-year fixed rate at 60% LTV with no fee that has decreased from 4.84% to 4.49%.
Two of its five-year fixed rate deals have fallen below the 4% barrier.
Its five-year fixed rate at 60% LTV with £999 fee has fallen by 0.25% to 3.94%, and at 75% LTV the rate has gone down by 0.35% to 3.99%.
The lender is also lowering rates for selected switcher deals, with pricing beginning from 3.94%.
A boost for first-time buyers
In its first-time buyer range, cuts of up to 0.35% across select two, three and five-year fixed and two-year tracker deals up to 95% LTV have been made.
Its three-year fixed rate at 60% LTV with £999 fee is 4.34%, down by 0.35%.
Its five-year fixed rate at the same LTV tier and the same fee has reduced by 0.3% to 4.89%.
First-time buyer deals come with £500 cashback and those looking to remortgage can select cashback or free legals.
New customers moving home products
For new customers moving home reductions of up to 0.35% on select two, three and five-year fixed and two-year tracker deals up to 90% LTV have been made.
Its five-year fixed rate at 75% LTV with no fee has fallen by 0.35% to 4.14%.
‘All borrowers can benefit’
Meanwhile, for those looking to borrow more, Nationwide is also reducing selected two, three and five-year fixed and two-year tracker rates on its additional borrowing range by up to 0.25%, while the rate on Green Additional Borrowing is also being reduced by 0.10% with the rate now 3.94%.
Henry Jordan, director of home at Nationwide Building Society, said: “We regularly review our mortgage rates and these latest cuts are being made across both our fixed and tracker products, meaning all types of borrowers could benefit, whether they are buying their first home, moving to their next or looking to remortgage.”