From today, Nationwide Building Society will be reducing selected rates with their lowest rate now standing at 4.29 percent.
The changes will be available across its two, three- and five-year fixed rate product ranges.
The Building Society will be reducing selected two, three and five-year switcher rates at 95 percent by up to 0.19 percent.
They are also reducing rates for existing customers moving home by up to 0.24 percent.
These latest changes also continue Nationwide’s existing mortgage member pricing pledge, meaning the switcher product rates will be the same or lower than the remortgage equivalents.
The new rates include:
New customers moving home: reductions of up to 0.26 percent across two, three and five-year fixed rate products up to 95 percent LTV, including:
- Five-year fixed rate at 60 percent LTV with a £999 fee is 4.29 percent (reduced by 0.14 percent)
- Two-year fixed rate at 60 percent LTV with a £999 fee is 4.65 percent (reduced by 0.14 percent)
- Three-year fixed rate at 90 percent LTV with a £999 fee is 5.29 percent (reduced by 0.26 percent)
First-time buyers: reductions of up to 0.28 percent across two, three and five-year fixed products up to 95 percent LTV, including:
- Five-year fixed rate at 60 percent LTV with a £999 fee is 4.34 percent (reduced by 0.15 percent)
- Two-year fixed rate at 75 percent LTV with a £999 fee is 4.85 percent (reduced by 0.28 percent)
- Three-year fixed rate at 90 percent LTV with a £999 fee is 5.31 percent (reduced by 0.19 percent)
Remortgage: reductions of up to 0.31 percent across two, three and five-year fixed rate products up to 90 percent LTV, including:
- Five-year fixed rate at 60 percent LTV with a £999 fee is now 4.68 percent (reduced by 0.06 percent)
- Three-year fixed rate at 75 percent LTV with a £999 fee is now 4.89 percent (reduced by 0.31 percent)
- Two-year fixed rate at 80 percent LTV with no fee is now 5.48 percent (reduced by 0.08 percent)
Henry Jordan, Director of Home at Nationwide Building Society, said: “These latest changes mark our eleventh reduction in four months with rates now starting from 4.29 percent.
“In a continually moving market, we always aim to remain competitive across the board for first-time buyers, home movers and those looking to remortgage.”
Yorkshire building society has announced rate reductions of up to 0.35 percentage points across its fixed rate range. The biggest rate cuts are for borrowers with the smallest cash deposit or equity in their home.
The society is offering two and three-year fixed rates deals for remortgage at 4.84 percent (75 percent loan to value) with a £1,495 fee and a five-year fixed rate for home purchase at 90 percent LTV at 5.24 percent. This deal has no fee and pays £2,000 cashback on completion.
The Bank of England has forecast that 900,000 borrowers will experience ‘severe mortgage rate shock’ in 2024 when their existing fixed rate deals come to an end.
These households will see their monthly mortgage payments rise by more than £500. Of these borrowers, 20 percent will see monthly payments rise by more than £1,000.
