Nationwide has announced significant reductions in its fixed mortgage rates, effective from Friday, February 13. These changes aim to assist first-time buyers, home movers, and those looking to remortgage. The reductions reach up to 0.16 percentage points across various fixed-rate mortgage products.
Details of New Fixed Mortgage Rates
The updated rates now start at 3.54% for certain products. Here’s how the changes break down:
For First-Time Buyers
- Three-year fixed rate at 90% Loan-to-Value (LTV) with a £999 fee: 4.40% (down by 0.16%)
- Two-year fixed rate at 90% LTV with a £999 fee: 4.10% (down by 0.14%)
- Two-year fixed rate at 60% LTV with a £1,499 fee: 3.67% (down by 0.15%)
Additionally, first-time buyers will receive a £500 cashback upon completing their mortgage. They can also get cashback of up to £500 when purchasing energy-efficient homes through Nationwide’s Green Reward scheme.
For Existing Customers and Home Movers
- Two-year fixed rate at 60% LTV with a £1,499 fee: 3.54% (down by 0.15%)
- Five-year fixed rate at 85% LTV with a £1,499 fee: 3.94% (down by 0.15%)
- Two-year fixed rate at 85% LTV with a £999 fee: 3.78% (down by 0.09%)
These reductions ensure that existing customers moving home can enjoy rates that are equal to or lower than those offered to new customers.
Remortgage Options
- Three-year fixed rate at 60% LTV with a £999 fee: 3.80% (down by 0.15%)
- Five-year fixed rate at 80% LTV with a £999 fee: 4.04% (down by 0.10%)
Switcher Rates
- Three-year fixed rate at 80% LTV with a £999 fee: 4.05% (down by 0.11%)
- Five-year fixed rate at 80% LTV with a £999 fee: 3.99% (down by 0.06%)
The recent changes adhere to Nationwide’s commitment to providing competitive rates for all customers, including those switching from existing deals.
Statements from Nationwide
Carlo Pileggi, Head of Mortgage Products at Nationwide, stated, “We continuously monitor mortgage rates to keep them sustainable and competitive. These cuts are particularly beneficial for first-time buyers and those moving homes.”
