The Nationwide Building Society is cutting a number of fixed rate mortgages at up to 75 per cent loan-to-value (LTV) by up to 0.15 percentage points, with tracker rates at 80% and above reduced by up to 0.25 percentage points.
Deals in Nationwide’s shared equity loan range, available to customers accessing the Help to Buy equity loan scheme, are also being reduced, with shared equity products between 70-75% LTV cut by up to 0.10 percentage points.
Rates for the two-year fixed rate shared equity product at 75% LTV now start at 1.89% with a £999 fee, with the five-year fixed rate shared equity 75% LTV deal starting at 2.64%, both with a £999 fee.
The reductions are being made on a range of two, three and five-year fixed rate deals and two-year tracker deals. Rates for those mortgage customers with a 25% deposit now starting at 1.84% for a two-year fixed rate mortgage with a £999 fee. The three-year fixed rates for those with a 40% deposit also start at 1.94%, while the five-year fixed rate product starts at 2.24%, both with a £999 fee.
Those choosing a tw-year tracker mortgage deal will see rates reduced to 1.69% between 75-85% LTV product and 2.24% LTV for the 90% product, all with a £999 fee.
Henry Jordan, Nationwide’s head of mortgages, said: “We are reducing fixed rates for those with larger deposits who are looking for competitive rates and payment security over a range of terms. We have also cut some tracker rates and brought selected shared equity products further into line with our core range.
“With the combination of competitive rates and access to additional benefits, Nationwide will continue to offer mortgage customers amongst the best deals on the high street. Standard valuations remain fee-free for all customers and Nationwide main current account customers can access a cashback of £250, both irrespective of which product they choose.”