Nationwide announces further mortgage rate cuts

Nationwide Building Society is cutting rates on its two-year fixed rate mortgages by up to 0.10 percentage points.

It means the Society will offer a two-year fixed rate for new borrowers at a competitive 2.49 per cent. Existing borrowers will continue to benefit from rates 0.10 percentage points lower than new business rates, with rates for these customers now starting from 2.39 per cent.

Key highlights include:

New 2.49% two-year fixed rate up to 60% LTV with £900 fee (2.39% for existing borrowers)
First time buyers pay a reduced fee of £400
Remortgage borrowers receive a free standard valuation and the choice of either free standard legals or £250 cashback, payable one month after completion
A non-refundable booking fee of £99 is payable on reservation

New 2.99% two-year fixed rate up to 70% LTV with no fee (2.89% for existing borrowers)
Remortgage borrowers receive a free standard valuation and the choice of either free standard legals or £250 cashback, payable one month after completion
A non-refundable booking fee of £99 is payable on reservation

New 4.39% two-year fixed rate up to 90% LTV with £900 fee (4.29% for existing borrowers)
First time buyers pay a reduced fee of £400
A non-refundable booking fee of £99 is payable on reservation

Tracie Pearce, head of group mortgages at Nationwide, said: "These latest cuts paint a vibrant mortgage picture and are positive news for borrowers looking for the most competitive deals in the market.

"All eyes will be on our new two-year fixed rate deal at 2.49 per cent, which is an extremely attractive deal for new customers.

"And with the other cuts that have recently taken place across our fixed rate mortgage range, there is something for all borrowers, whether they have a larger or smaller deposit."

The two-year fixed rate NewBuy product will remain unchanged.

For more information, visit nationwide.co.uk.