From today, Nationwide is offering significant reductions in its fixed mortgage rates, benefiting both new and existing customers. The UK’s largest building society is cutting its rates by up to 0.16 percentage points across a variety of fixed-rate products, making homeownership more affordable for first-time buyers and those moving home. The new rates apply to two, three, and five-year fixed mortgages, with the lowest now set at 3.54%.
These changes come at a time when homebuyers and homeowners are looking for more competitive rates amid a shifting mortgage market. Nationwide’s rate cuts are designed to provide savings for a wide range of customers, from those looking to step onto the property ladder for the first time to existing customers seeking a better deal on their current mortgage.
Benefits for First-Time Buyers
First-time buyers stand to benefit the most from Nationwide’s new rates. According to Nationwide, reductions of up to 0.16% will apply to various fixed-rate products aimed at those entering the property market. For instance, the three-year fixed rate at 90% Loan-to-Value (LTV) has dropped to 4.40%, while the two-year fixed rate at the same LTV has been reduced to 4.10%. These cuts offer much-needed relief to prospective homeowners who are often struggling with high entry costs.
Nationwide is also offering additional perks for first-time buyers. Along with the reduced rates, they will receive £500 cashback upon completing their mortgage. In a further move to promote energy-efficient homes, Nationwide is offering up to £500 more for buyers purchasing homes with high energy ratings through the Green Reward scheme. This initiative reflects Nationwide’s ongoing commitment to both financial affordability and sustainability.
Support for Home Movers and Existing Customers
For home movers and existing customers looking to remortgage, Nationwide’s new rate reductions also present valuable savings. The building society has cut its five-year fixed rate at 85% LTV to 3.94%, down by 0.15%. Similarly, two-year fixed rates at 60% LTV have dropped to 3.54%. These changes are designed to benefit people who are either moving home or looking to secure a better deal on their existing mortgage.
These new products reflect Nationwide’s promise to offer competitive rates to both new and existing customers. As Carlo Pileggi, Nationwide’s Head of Mortgage Products, pointed out, the society regularly reviews its rates to ensure they remain competitive. “These latest rate cuts are great news for first‐time buyers and home movers, who will see the biggest benefit.” Pileggi said.
Additionally, Nationwide has announced rate reductions of up to 0.15% for remortgage customers across its range of fixed-rate products. A three-year fixed rate at 60% LTV now stands at 3.80%, while a five-year fixed rate at 80% LTV is priced at 4.04%. These reductions are designed to help existing homeowners secure better deals when renewing their mortgages.
Nationwide’s latest move demonstrates its commitment to offering competitive and fair pricing for a variety of customers. By lowering mortgage rates for both first-time buyers and existing homeowners, Nationwide aims to make homeownership more accessible in a challenging economic climate.
