Nationwide is reducing the amount of ongoing fixed-rate mortgages and reducing the price on selected tracker asset products, effective tomorrow.
The new fixed rates include mortgage reductions of up to 0.19% across two, three, five and 10 year fixed rate products up to 95% LTV.
The two-year fixed rate at 90% LTV with a £999 loan will drop by 0.15% to 4.99% while the two-year fixed rate at 90% LTV with no payment will be reduced by 0.19% to 5.20%.
The five-year fixed rate at 60% LTV for £999 will be reduced by 0.10% to 4.49% and the two-year fixed rate at 60% LTV for £1,499 will be reduced by 0.07% to 4.37%.
Switching rate reductions of up to 0.16% across two, three, five and 10 year fixed rate products up to 95% LTV including a two year fixed rate at 60% LTV for £999 which is reduced by 0.07% to 4.37% and a two year fixed rate reduced by 1% to 80% LTV by 80%. 4.98%.
In addition, the five-year fixed rate at 60% LTV for a £999 loan is reduced by 0.10% to 4.44%.
Meanwhile, the reduction for first-time buyers will see a five-year fixed rate at 60% LTV with a £999 down payment reduced by 0.19% to 4.37% and a two-year fixed rate at 90% LTV without cash reduced by 0.13% to 4.93%.
The five-year fixed rate at 90% LTV at £999 will be reduced by 0.13% to 4.61% and the five-year fixed rate at 95% LTV at £999 will be 0.12% lower at 5.08%.
First-time buyers also get £500 cashback when they complete their mortgage with Nationwide. First-time buyers and home movers can also benefit from up to £500 in cashback if they buy an energy-efficient property with the Nationwide Green Reward.
For existing and new home move-in customers, the five-year fixed rate at 90% LTV with no payment will drop by 0.10% to 4.69% and the three-year fixed rate at 75% LTV with a £999 deposit will be reduced by 0.10% to 4.49%.
Also cut were the two-year fixed rate at 85% LTV for £999, which fell by 0.09% to 4.45% and the three-year fixed rate at 95% LTV for £999, which was reduced by 0.15% to 5.16%.
Nationwide’s head of mortgage products Carlo Pileggi says: “Another set of mortgage reductions across our mortgage range is further proof that Nationwide is a lender committed to supporting all types of borrowers.
Also commenting on Nationwide’s recent cuts is Trinity Financial’s director of product and communications, Aaron Strutt, who says: “Nationwide rates are falling again and the best buys for three and five year fixes are shrinking even further.
“It’s a good start to another week with further reductions in mortgage rates as cheaper rates clearly bode well for home buyers and the overall market.”
“The price gap between two, three and five year fixes remains tight as we approach fixes below 4%. Three year fixes are less popular and there are two or five year deals but they are a good option for those looking for more payment security.”
Elsewhere, Virgin Money has announced reductions in purchase, lending and product transfer rates, which are live from tomorrow.
Two- and five-year purchase adjustments will be reduced by approximately 0.10%, while fixed rates for shared ownership will be reduced to 0.10%. Selected trackers with a payment of £999 will get a discount of up to 0.11%/
Lender borrowing costs for two and five years will also be reduced by 0.16% and 0.10% respectively. Also, 10-year fixed will be reduced by around 0.09% and selected trackers with a balance of £999 will be reduced by up to 0.15%.
At its transfer rates, selected two- and three-year fixes will be reduced by up to 0.16%, while five-year fixes will see a decrease of up to 0.10% and 10-year fixes will be reduced by 0.09%. Selected trackers with a balance of £999 will get a discount of up to 0.12%.
Meanwhile, GB Bank has reduced its 65% LTV BTL base rate by an additional 0.30% on its two, three and five year fixed rate products.
The updated range now includes two-year fixed rates from 4.39% with 5% or 5.39% with 3%, three-year fixed rates available from 4.77% or 5.77%, and five-year fixed rates available from 5.53% or 6.13%.
Rates at 75% LTV remain unchanged.
This rate reduction also applies to GB Bank’s 65% LTV per-rate offer for loans over £3m.
In addition, the Foundation has announced that it will withdraw most of its buy-to-let (BTL) products tomorrow and they will be replaced by new prices on 8 July.
