On remortgage products, cuts of up to 25bps apply across two-, three- and five-year fixed products up to 95% LTV. The two-year fixed at 60% LTV with a £999 fee moves to 4.49% (down 12bps), the three-year fixed at 75% LTV with no fee to 4.94% (down 25bps), and the five-year fixed at 60% LTV with a £999 fee to 4.59% (down 5bps).
Existing Nationwide customers approaching the end of their current deal will see reductions of up to 14bps across two-, three- and five-year fixed products up to 90% LTV. The two-year fixed at 60% LTV with a £999 fee falls to 4.44% (down 12bps), the three-year fixed at 75% LTV with no fee to 4.94% (down 5bps), and the five-year fixed at 60% LTV with a £999 fee to 4.54% (down 5bps). Nationwide said all switcher product rates remain the same as or lower than equivalent remortgage rates, in line with its existing mortgage customer pricing pledge.
For home movers, existing and new customers will see reductions of up to 15bps across two-, three-, five- and 10-year fixed products up to 95% LTV. The two-year fixed at 90% LTV with no fee falls to 4.89% (down 10bps), the two-year fixed at 60% LTV with a £1,499 fee to 4.19% (down 10bps), and the five-year fixed at 90% LTV with a £999 fee to 4.69% (down 5bps). Nationwide said home mover rates for existing customers remain the same as or lower than those available to new customers.
Friday’s rate cuts are the latest in a series of Nationwide repricing moves this month. On 10 June, the lender reduced rates on its switcher range by up to 0.12%, covering two-, five- and 10-year fixed rate products. The following week, on 15 June, Nationwide cut rates across its wider fixed mortgage range by up to 28bps across two-, three-, five- and ten-year products, bringing its lowest available rate at that time to 4.29%.
“We’re delighted to be making another set of rate cuts this month,” said Henry Jordan (pictured right), group director of mortgages at Nationwide. “As an all-round lender, we’re committed to supporting all borrower types. These latest reductions will help ensure Nationwide remains a strong choice for new and existing customers – whether they’re buying their first home, moving to their next, or looking for a new deal.”