Nationwide cuts first-time buyer and home mover rates by up to 0.25%

Nationwide is cutting rates across its fixed mortgage range for first-time buyers and home movers.

From tomorrow, rates will reduce by up to 0.25% across two, three and five-year fixed rate products. This now means Nationwide’s lowest rate now stands at 4.50%.

First-time buyer rates are decreasing by up to 0.25% across two, three and five-year fixed rate products up to 95% LTV.

The largest reductions are to a five-year fix at 90% LTV, down to 5.25% with a £999 fee, and a three-year fix at 80% LTV, down to 5.05% with a £999 fee. In addition, a two-year fix at 60% LTV has reduced by 24bps to 4.66% with a £1,499 fee.

For new and existing customers moving home, rates have also reduced by up to 0.25%.

The lowest rate is now a two-year fix at 60% LTV, down to 4.50% with a £1,499 fee, Elsewhere in the range, a two-year fix at 75% LTV is decreasing to 4.65% with a £1,499 fee and a five-year fix at 80% LTV is down to 4.81% with a £999 fee.

First-time buyers also receive £500 cashback when they complete their mortgage with Nationwide. First-time buyers and those moving home can also benefit from cashback of up to £500 if they purchase an energy-efficient property through Nationwide’s Green Reward.

Carlo Pileggi, Nationwide’s head of mortgage products, said: “We’re delighted to be able to make cuts to our mortgage rates to support both first-time buyers and those looking to move to their next home. These changes apply across those ranges, with some of our largest cuts being made on higher loan-to-value mortgages, which will benefit first-time buyers looking to get onto the property ladder.”