Nationwide has reduced fixed mortgage rates by up to 0.28 percentage points across its range, offering lower borrowing costs for first-time buyers, home movers and people looking to remortgage. The building society said the latest changes came into effect on Tuesday, June 16, and mean its lowest mortgage rate now stands at 4.29 per cent.
The rate cuts apply across a range of two, three, five and 10-year fixed-rate mortgage products and come as competition among lenders continues to put downward pressure on mortgage pricing. Among the deals available to first-time buyers, Nationwide has reduced rates by up to 0.20 percentage points on selected products.
This includes a five-year fixed-rate mortgage at 90 per cent loan-to-value (LTV) with no fee, which has been reduced to 4.89 per cent. A five-year fixed-rate mortgage at 85 per cent LTV with a £999 fee has been cut to 4.67 per cent, while a three-year fixed-rate deal at the same LTV is now available at 4.89 per cent.
First-time buyers who complete a mortgage with Nationwide also receive £500 cashback. Those purchasing an energy-efficient property may qualify for a further cashback payment through Nationwide's Green Reward scheme, which offers up to £500 for buyers of highly energy-efficient homes.
People looking to remortgage will also benefit from the latest reductions, with selected rates cut by up to 0.28 percentage points. Meanwhile, Nationwide has reduced rates for both new and existing customers moving home, including a two-year fixed-rate mortgage at 90 per cent LTV with no fee, which has been reduced to 4.99 per cent.
The lender said the changes build on rate cuts introduced last week for existing customers approaching the end of their current mortgage deal. Carlo Pileggi, Nationwide's head of mortgage products, said: 'We're delighted to be cutting rates again as we look to put Nationwide at the forefront of borrowers' minds. These changes will support first-time buyers and home movers, as well as provide competitive options for those looking to remortgage.'
Following the rate cuts last week to our switcher range for existing customers, this underlines our role as an all-round lender focused on supporting borrowers across the housing market. Commenting on the cuts, Rachel Geddes, Strategic Lender Relationship Director, Mortgage Advice Bureau, said: 'Nationwide's latest rate reductions are positive news for anyone considering their next move on the housing ladder. Whether you're a first time buyer, planning on relocating, or approaching the end of your current mortgage deal, lower fixed rates could mean improved affordability, reduced monthly repayments, and greater financial certainty.'
While switcher and additional borrowing rates remain unchanged, Nationwide's latest reductions reflect ongoing movement in the mortgage market, creating renewed opportunities for borrowers to secure a more competitive rate. For anyone looking to make their mortgage work harder, now is an excellent time to review the market. Speak to a mortgage adviser to understand how these changes could affect your borrowing power, and whether a more competitive deal could be available to you.
Mortgage rates have been gradually easing in recent months as lenders compete for business, providing some relief for borrowers after a prolonged period of higher borrowing costs. However, prospective buyers and homeowners approaching the end of a fixed-rate deal are still being encouraged to compare products across the market and seek advice where appropriate before committing to a new mortgage.
