Nationwide Building Society has confirmed another major change to its line of mortgage products amid widespread activity across the property sector.
Earlier today, the lender announced a slew of cuts to mortgage rates, including for first-time homebuyers, which are due to come into effect from tomorrow (July 10).
As part of its latest offering, Nationwide is reducing interest rates by up to 0.20 percentage points across selected two, three and five-year fixed rate products.
This comes after recent cuts to the base rate from the Bank of England, with the cost of borrowing currently being held at 4.25 per cent.
Nationwide Building Society is cutting mortgage rates NATIONWIDE BUILDING SOCIETYFirst-time homebuyers
Here is a full list of the rate cuts impacting first-time buyers from Nationwide, with reductions of up to 0.11 per cent:
- Two-year fixed rate at 85 per cent LTV with a £1,499 fee is 4.13 per cent (reduced by 0.06 per cent)
- Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.19 per cent (reduced by 0.10 per cent)
- Five-year fixed rate at 90 per cent LTV with no fee is 4.49 per cent (reduced by 0.10 per cent).
Remortgage
Here is a full list of rate cuts impacting remortgage customers from Nationwide, reductions of up to 0.11 per cent:
- Two-year fixed rate at 80 per cent LTV with a £999 fee is 4.44 per cent (reduced by 0.05 per cent)
- Three-year fixed rate at 85 per cent LTV with no fee is 4.60 per cent (reduced by 0.10 per cent)
- Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.24 per cent (reduced by 0.09 per cent).
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Furthermore, the building society is also slashing selected two, three and five-year switcher rates up to 95 per cent LTV by up to 0.20 per cent, with rates starting from 3.84 per cent.
On top of this, additional borrowing rates are being cut by up to 0.14 per cent on two, three and five-year fixed products up to 90 per cent LTV, with rates starting from 3.84 per cent
Borrowers, who are existing Nationwide customers moving home, are set to continue to receive rates the same or lower than the equivalent rates available for new customers moving home.
Analysts suggest that those trying to get on the property ladder shop around for the best deal to ensure they are paying a fair
Mortgage experts are pricing in at least two more interest rate cuts from the Bank of England's Monetary Policy Committee (MPC) by the end of this year.
If this is implemented, the cost of borrowing in the UK will fall to around 3.75 per cent
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There are many mortgage deals on the market GETTYCarlo Pileggi, Nationwide’s senior manager for Mortgages, broke down why Britons should consider the above deals from the building society.
He explained: "We’re making further cuts across selected products from our fixed mortgage range to ensure that Nationwide continues to be front of mind for those looking to buy their first home, move to their next or who want to switch to a new deal.
"These latest cuts will particularly help first-time buyers and our existing members switching to new deals."
The central bank's next MPC meeting is scheduled to next take place on Thursday, August 7, 2025/
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