The Nationwide Building Society is cutting rates on selected two, three, five and 10-year fixed rate switcher mortgage products, as well as its two-year tracker mortgages, by up to 0.25 percentage points.
The mutual is also reducing rates on its range with a £1,499 fee and its later life mortgage products (Retirement Interest Only and Retirement Capital and Interest) by up to 0.40 percentage points.
Reductions are as follows:
Remortgage range with £1,499 fee
- Rates for the two-year fixed products up to 60% LTV are reduced by 0.05 percentage points to 1.14% with £1,499 fee.
- Rates for the five-year fixed rate products up to 60% LTV are reduced by 0.05 percentage points to 1.34% with a £1,499 fee.
- Rates for the two-year tracker products up to 60% LTV are reduced by 0.05 percentage points to 1.24% with a £1,499 fee.
Existing member switcher range
- 60% LTV: two-year fixed rates reduced by 0.25 percentage points to 1.14% with a £999 fee and by 0.05% to 1.44% with no fee.
- 60% LTV: three and five-year fixed rates reduced by 0.05 percentage points to 1.34% with a £999 fee; 1.64% with no fee.
- percentage points to 2.14% with a £999 fee; 2.24% with no fee.
- 75% LTV: two-year fixed rates reduced by 0.10 percentage points to 1.24% with a £999 fee; 1.74% with no fee.
- 75% LTV: three and five-year fixed rates reduced by 0.10 percentage points to 1.49% with a £999 fee.
- 80 and 85% LTV: two-year fixed rates reduced by up to 0.15 percentage points to 1.49% with a £999 fee; 1.84% with no fee.
- 80% LTV: three and five-year fixed rates reduced by 0.10 percentage points to 1.94% with no fee.
- 85% LTV: three and five-year fixed rates reduced by 0.05 percentage points to 1.89% with a £99 fee; 1.99% with no fee.
- 90% LTV: two-year fixed rates reduced by 0.15 percentage points to 2.09% with no fee.
- 90% LTV: three and five-year fixed rates reduced by 0.05 percentage points to 2.39% with no fee.
In addition to its fixed rate switcher products, the Society is also reducing rates on its two-year trackers:
- 60% LTV reduced by 0.15 percentage points to 1.54% with no fee.
- 75% LTV reduced by 0.05 percentage points to 1.39% with a £999 fee.
- 80% LTV reduced by 0.25 percentage points to 1.59% with a £999 fee.
- 85% LTV reduced by 0.05 percentage points to 1.79% with a £999 fee.
Later Life (Retirement Capital & Interest and Retirement Interest Only)
- Two-year fixed rate reduced by 0.40 percentage points to 2.59%.
- Three-year fixed rate reduced by 0.40 percentage points to 2.79%.
- Ten-year fixed rate reduced by 0.40 percentage points to 3.39%.
Henry Jordan, Nationwide’s director of mortgages, 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.
“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.”