Nationwide cuts purchase and remortgage rates by up to 0.16%

Nationwide is cutting rates across its first-time buyer, home mover, remortgage and switcher ranges, with rates reduced by up to 0.16% across two, three and five-year fixed rate products.

Available from tomorrow, Nationwide’s lowest rate now stands at 3.54% for a two-year fix at 60% LTV, available to new and existing customers moving home.

Elsewhere in its home mover range, 85% LTV rates have reduced by up to 15bps, with a £999 fee two-year fix down to 3.78% and a £1,499 fee five-year fix at 3.94%.

First-time buyer rates are reducing by up to 0.16%, with the largest reduction to a three-year fixed rate at 90% LTV, down to 4.40% with a £999 fee. Two-year fixed rates are decreasing to 3.67% at 60% LTV with a £1,499 fee and 4.10% at 90% LTV 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.

Remortgage rates have reduced by up to 0.15% across two, three and five-year fixed rate products up to 90% LTV. Highlights include a 3.80% three-year fix at 60% LTV and a 4.04% five-year fix at 80% LTV, both with a £999 fee.

Switcher rates are down by up to 0.11%, with 80% LTV rates now available at 4.05% fixed for three years and 3.99% fixed for five years, both with a £999 fee.

Switcher (for existing Nationwide customers coming to the end of their current mortgage deal): reductions of up to 0.11% across two, three and five-year fixed rate products up to 90% LTV, including:

Carlo Pileggi, Nationwide’s head of mortgage products, said: “We review our mortgage rates on an ongoing basis to ensure they are sustainable and competitive for customers. These latest rate cuts are great news for first-time buyers and home movers, who will see the biggest benefit.”