Here is a breakdown of the latest mortgage rates following the recent reductions by Nationwide Building Society:
New customers moving home: reductions of up to 0.25 percent across mortgage products:
- Five-year fixed rate at 60 percent LTV with a £999 fee is 4.64 percent
- Two-year fixed rate at 60 percent LTV with a £999 fee is 4.99 percent
- Five-year fixed rate at 85 percent LTV with a £999 fee is 4.94 percent
- Three-year fixed rate at 60 percent LTV with a £999 fee is 4.94 percent.
First-time buyers: reductions of up to 0.31 percent across mortgage products:
- Five-year fixed rate at 60 percent LTV with a £999 fee is 4.67 percent
- Five-year fixed rate at 85 percent LTV with a £999 fee is 4.95 percent
- Two-year fixed rate at 90 percent LTV with a £999 fee is 5.72 percent.
Remortgage: reductions of up to 0.38 percent across mortgage products:
- Three-year fixed rate at 60 percent LTV with a £999 fee is now 5.08 percent
- Three-year fixed rate at 80 percent LTV with no fee is now 5.72 percent
- Five-year fixed rate at 85 percent LTV with a £999 fee is now 5.34 percent
Henry Jordan, the director of Home at Nationwide Building Society, outlined why the financial institution is opting to slash mortgage rates at this time.
He explained: “We’re making further rate cuts across our fixed rate mortgage range to ensure we continue to cement our position as one of the most competitive lenders in the market.
“Over the last three months, we have reduced rates eight times over that period.
“That has meant our rates have fallen by up to 1.39 percentage points as we look to maintain our support for potential and existing homeowners, as well as brokers, by offering attractively priced products.”
