Mortgage price war continues as Nationwide Building Society slashes interest rates to 'lowest in the market'

Last month, Nationwide slashed interest rates on fixed rate mortgage products by up to 0.31 per cent.

Following today’s announcement, the Buy-to-Let reductions on mortgage rates for new customers include:

• Two-year fixed rate (purchase and remortgage) at 3.69 per cent with a three per cent fee, available up to 65 per cent LTV (reduced by 0.50 per cent)
• New two-year fixed rate (purchase and remortgage) at 3.99 per cent with a £3,995 fee, available up to 75 per cent LTV
• Two-year fixed rate (purchase and remortgage) at 5.29 per cent with a two per cent fee, available up to 80% LTV (reduced by 1.20 per cent)
• Five-year fixed rate (purchase and remortgage) at 3.94 per cent with a three per cent fee, available up to 55 per cent LTV (reduced by 0.40 per cent).

Furthermore, The Mortgage Works confirmed the introduction of a new fee option for landlords worth £3,995.

This product is available with “competitive” interest rates starting from 3.98 per cent, according to TMW.

The fee option will be for Buy-To-Let and Limited Company, available for both new and existing customers.

Anyone interested in learning more about the mortgage rates currently on offer from the Nationwide subsidiary can check out its website.

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Homeowners and first-time buyers have been saddled with soaring interest rates over the last year-and-a-half.

This has pushed up the cost of mortgage repayments and made home ownership unaffordable for many.

However, with inflation easing and the Bank of England expected to cut the base rate later this year, lenders are beginning to slash mortgage rates.

Joe Avarne, the senior manager of Buy-to-Let Mortgages at The Mortgage Works, said: “With rates starting from 3.69 per cent these cuts will see TMW offering some of the lowest rates in the market and is our lowest headline rate offering since May 2023. These changes demonstrate our continued support to landlords and the sector.”