Nationwide cuts first time buyer mortgages by 0.70%

In its fourth wave of rate reductions in less than two months, Nationwide Building Society is once again cutting its fixed and tracker mortgage rates across all LTV tiers, effective from Tuesday 4 December.

The largest rate reductions will be applied to its two and three year 90% LTV mortgages, helping home movers with smaller deposits.  These high LTV mortgage rates will be reduced as follows:

Two year fixed rates will be reduced by 0.70%, now available from 4.49% (4.39% for existing customers)

Three year fixed rates will be reduced by 0.60% ,now available from 4.69% (4.59% for existing customers)

Five year fixed rates will be reduced by 0.50% , now available from 4.99% (4.89% for existing customers)

Other fixed and tracker rates will be reduced by up to 0.40%.

Tracie Pearce, Nationwide's head of mortgages, said: "We've cut our rates a number of times over the last few weeks and not just for those with a large deposit. This time, we will continue to make reductions across the board, but our largest cuts are on loans with an LTV of 90 per cent.

"It's a tangible demonstration of how we are utilising the Funding for Lending Scheme to reduce rates for customers at both ends of the LTV spectrum. 

"We hope it gives first time buyers and other borrowers the boost they need to get the mortgage and home that they are looking for.

"The message is very clear - Nationwide is open for business"

As a result of the changes, new rates include:

Two-year fixed rate available at 4.49% (90% LTV) for new borrowers (4.39% for existing borrowers)
£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

Two-year fixed rate available at 2.59% (60% LTV) for new borrowers (2.49% for existing borrowers)
£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
Free standard legal work and free standard valuations for remortgages

Three-year fixed rate available at 2.79% (60% LTV) for new borrowers (2.69% for existing borrowers)
£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
Free standard legal work and free standard valuations for remortgages

For more information, visit nationwide.co.uk.