Nationwide Building Society has unveiled a major overhaul to its mortgage products as the financial institution slashes interest rates in a win for prospective homebuyers.
The high street lender's latest move comes following the Bank of England's recent cut to the base rate, which has reduced the cost of borrowing across the UK.
Homebuyers and those looking to remortgage have been saddled with hiked mortgage costs due to the central bank's decision-making over the years.
The Bank of England has opted to raise the base rate in an attempt to bring down consumer price index (CPI) inflation, which has reached heights of 11.1 per cent.
With the CPI rate easing to around three per cent, the central bank has begun to slash rates with banks and lenders responding to this U-turn.
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Nationwide is slashing mortgage rates NATIONWIDE/GETTY Here is a list of the mortgage products for new customers moving home from Nationwide Building Society:
- Five-year fixed rate at 60 per cent LTV with a £1,499 feeis 4.09 per cent (reduced by 0.05 per cent)
- Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.45 per cent (reduced by 0.13 per cent)
- Three-year fixed rate at 75 per cent LTV with a £999 fee is 4.34 per cent (reduced by 0.05 per cent)
- Two-year fixed rate 75 per cent LTV with a £1,499 fee is 4.24 per cent (reduced by 0.13 per cent)
- Two-year fixed rate 95 per cent LTV with no fee is 5.42 per cent (reduced by 0.22 per cent)
The Bank of England has made multiple changes to the base rate over the years CHAT GPT Here is a list of the mortgage products for first-time buyers from Nationwide Building Society:
- Three-year fixed rate at 60 per cent LTV with a £999 fee is 4.29 per cent (reduced by 0.05 per cent)
- Three-year fixed rate at 85 per cent LTV with a £999 fee is 4.64 per cent (reduced by 0.05 per cent)
- Two-year fixed rate at 80 per cent LTV with a £999 fee is 4.50 per cent (reduced by 0.33 per cent)
- Two-year fixed rate at 95 per cent LTV with a £999 fee is 5.29 per cent (reduced by 0.25 per cent).
As well as this, the mortgage lender is reducing rates for existing customers moving home by up to 0.22 per cent, with rates now starting from 4.09 per cent.
Members are encouraged to check the Nationwide Building Society website to see what mortgage products are suitable for them.
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GETTYCarlo Pileggi, Nationwide’s senior manager for Mortgages, broke down why Britons should consider taking advantage of the latest deals from the building society.
He explained: "As one of the UK’s largest lenders, we remain as committed as ever to supporting home movers and first-time buyers, with these reductions following our cuts for remortgage and switcher customers last week.
"These latest reductions bring five-year and two-year fixed rates closer together, with our first-time buyer £999 fee products fully aligned across both terms.
"We now have some of the most competitive rates on the market, whether it be for first-time buyers or customers moving home."
