Nationwide Building Society is cutting mortgage rates by up to 0.3% – a move that could save you thousands of pounds!

This good news comes into effect tomorrow (9th July) and applies to various types of mortgages. Here’s a breakdown of what’s changing:

New Customers Buying a Home:

• Two, three and five-year fixed-rate deals are all being reduced by up to 0.2%.
• Example: A five-year fixed-rate mortgage at 60% loan-to-value (LTV) will now have a rate of 4.18% (down from 4.34%). This comes with a £1,499 fee.

First-Time Buyers:

• Two and three-year fixed-rate deals are being reduced by up to 0.09%.
• Example: A three-year fixed-rate mortgage at 60% LTV will now have a rate of 4.65% (down from 4.74%). This comes with a £999 fee.

Remortgaging Your Existing Home:

• Two, three and five-year fixed-rate deals are being reduced by up to 0.3% – the biggest saving!
• Example: A five-year fixed-rate mortgage at 80% LTV will now have a rate of 4.94% (down from 5.24%). This comes with a £1,499 fee.

Switching to a New Deal with Nationwide:

• Two, three and five-year fixed-rate deals are being reduced by up to 0.16%.
• These ‘switcher’ deals are now the same or even cheaper than remortgaging with Nationwide.

Existing Nationwide Customers Moving Home:

• You’ll also benefit from rate reductions of up to 0.2%, with rates starting from 4.18%.

Borrowing More Money (Further Advance):

• Rates have been cut by 0.16%, and now start from 4.34%.
• Nationwide has also scrapped all fees on further advance products.

Henry Jordan, Director of Home at Nationwide Building Society, said: “These reductions will ensure that we have some of the most competitive rates on the market for all types of borrowers, whether they are first-time buyers, home movers or those looking to remortgage or switch deals.”