Nationwide Building Society has confirmed another wave of interest rate cuts across its line of mortgage products following the latest move from the Bank of England.
The central bank's Monetary Policy Committee (MPC) voted eight-to-one to hold the UK's base rate at 4.5 per cent in a blow to borrowers.
However, analysts are pricing in further cuts to interest rates later in the year which will impact the mortgage deals offered by banks and building societies.
Following today's announcement by the Bank of England, Nationwide has revealed plans to slash mortgage rates for different types of customes.
Nationwide is slashing rates once again GETTY/NATIONWIDE The high street building society is reducing rates by up to 0.26 percentage points effective from tomorrow, March 21.
These rate cuts will apply to selected two, three and five-year fixed rate products between 80 per cent and 95 per cent Loan-to-Value (LTV).
Furthermore, the interest rate cuts will further support first-time buyers, Britons looking to move home as well as those looking for a new mortgage deal.
With these changes, Nationwide is introducing sub-five per cent rates for first-time buyers as well as existing and new customers moving home with just a five per cent deposit.
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Here is a list of the mortgage products for new customers moving home set to be on offer by Nationwide Building Society:
- Five-year fixed rate at 95 per cent LTV with a £999 fee is 4.99 per cent (reduced by 0.05 per cent)
- Two-year fixed rate at 90 per cent LTV with no fee is 4.99 per cent (reduced by 0.21 per cent)
- Five-year fixed rate at 90 per cent LTV with a £999 fee is 4.57 per cent (reduced by 0.10 per cent)
- Two-year fixed rate at 80 per cent LTV with a £999 fee is 4.49 per cent (reduced by 0.10 per cent)
Here is a full list of the mortgage products for existing customers moving home set to be offer by Nationwide Building Society
- Two-year fixed rate at 90 per cent LTV with no fee is 4.99 per cent (reduced by 0.21 per cent)
- Five-year fixed rate at 90 per cent LTV with a £999 fee is 4.57 per cent (reduced by 0.10 per cent)
- Two-year fixed rate at 85 per cent LTV with a £999 fee is 4.49 per cent (reduced by 0.10 per cent)
Here is a full list of the mortgage products for first-time buyers set to be on offer by Nationwide Building Society:
- Five-year fixed rate at 95 per cent LTV with a £999 fee is 5.04 per cent (reduced by 0.25 per cent)
- Two-year fixed rate at 95 per cent LTV with no fee is 5.30 per cent (reduced by 0.26 per cent)
- Two-year fixed rate at 85 per cent LTV with a £999 fee is 4.60 per cent (reduced by 0.04 per cent)
Here is a full list of the remortgage products set to be on offer by Nationwide Building Society:
- Two-year fixed rate at 85 per cent LTV with no fee is 5.15 per cent (reduced by 0.12 per cent)
- Two-year fixed rate at 85 per cent LTV with a £999 fee is 4.84 per cent (reduced by 0.05 per cent)
As well as this, Nationwide will be launching a range of two and five-year fixed rate products that come with a £1,499 fee from the product.
Said mortgage products shall be available at 90 per cent and 95 per cent LTV and are available for first-time buyers, new and existing customers looking to move home and to those looking to remortgage to the lender.
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GETTYCarlo Pileggi, Nationwide’s senior manager for Mortgages, said: “Our latest rate cuts will be welcome news to borrowers with smaller deposits, particularly first-time buyers, and we’re pleased to once again be offering rates below five per cent for those with a five per cent deposit.
"The introduction of our new £1,499 fee products will also widen the choice of products available for those who are considering Nationwide for their mortgage needs."
