Nationwide said first-time buyers will receive £500 cashback on completion. It added that first-time buyers and home movers may qualify for up to £500 cashback through its Green Reward when purchasing an energy-efficient property.
For existing and new customers moving home, Nationwide said it will also reduce rates by up to 0.25 points across two, three and five-year fixed products up to 95% LTV. Illustrative deals include a two-year fix at 60% LTV with a £1,499 fee at 4.50% after a 0.16-point cut; a five-year fix at 80% LTV with a £999 fee at 4.81% following a 0.17-point reduction; and a two-year fix at 75% LTV with a £1,499 fee at 4.65% after a 0.12-point fall.
“We’re delighted to be able to make cuts to our mortgage rates to support both first-time buyers and those looking to move to their next home,” said Carlo Pileggi (pictured right), head of mortgage products at Nationwide.
“These changes apply across those ranges, with some of our largest cuts being made on higher loan-to-value mortgages, which will benefit first-time buyers looking to get onto the property ladder.”
The mutual said the repricing maintains its approach of offering existing customers who are moving home rates that are the same as, or lower than, equivalent products available to new borrowers.