Nationwide announces further mortgage rate cuts

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

This is the second wave of reductions in just two weeks, providing a total reduction of up to 0.50% on some fixed rate loans and up to 0.30% on trackers. 

As a result of the changes, new rates include:

Five-year fixed rate available at 3.29% (70% LTV) for new customers (3.19% for existing customers)

£900 product fee, £99 booking fee (payable upfront and non-refundable)
£400 discounted product fee for first-time buyers
No product fee rates are also available

Three-year fixed rate available at 3.09% (70% LTV) for new customers (2.99% for existing customers)

£900 product fee, £99 booking fee (payable upfront and non-refundable)
£400 discounted product fee for first-time buyers
No product fee rates are also available

The changes include a reduction to NewBuy mortgages of up to 0.20%, ensuring the rates are at least 0.50% lower than equivalent standard Nationwide mortgages at 95% Loan to Value. For example:

Three-year fixed rate NewBuy mortgage available at 5.29% (95% LTV) for new customers (5.19% for existing customers) or

Standard three-year fixed rate mortgage available at 5.79% (95% LTV) for new customers (5.69% for existing customers)

£900 product fee, £99 booking fee (payable upfront and non-refundable)
£400 discounted product fee for first-time buyers
No product fee rates are also available

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."

For more information, visit nationwide.co.uk.