Nationwide cuts rates by up to 0.25%

cuts rates

The society will also be reducing rates on products with a £1,499 fee and its later life mortgage products by up to 0.40 per cent

Nationwide is reducing rates on selected two-, three-, five- and ten-year fixed rate switcher mortgage products, and two-year tracker mortgages, by up to 0.25 per cent from 28 May.

The society will also be reducing rates on products with a £1,499 fee and its later life mortgage products by up to 0.40 per cent.

For remortgages with a £1,499 fee, all products have had rates reduced by 0.05 per cent. The two-year fixed up to 60 per cent loan to value (LTV) now has a rate of 1.14 per cent and the five-year fixed up to 60 per cent LTV has a rate of 1.34 per cent.

The two-year tracker remortgage with a £1,499 fee up to 60 per cent LTV has also had its rate reduced by 0.05 per cent to 1.24 per cent.

Product switches from 60-90 per cent LTV have also seen rate cuts by as much as 0.25 per cent, as have two-year trackers from 60-85 per cent LTV.

Within its later life offering, Nationwide’s two-, three-, and ten-year fixes have all had rates reduced by 0.40 per cent.

Nationwide director of mortgages Henry Jordan said: While the housing market slowly begins to open up again, the mortgage market continues to remain as competitive as ever.

Although many borrowers continue to like the security of fixing their mortgage repayments, we know there are some who want to take advantage of these historic low interest rates by going for a tracker mortgage, Jordan said.

These reductions demonstrate our commitment to offering competitive rates on both fixed and trackers across a range of LTVs, ensuring we support borrowers no matter how much deposit they have, he said.