For first-time buyers, cuts of up to 0.2% have been made. The five-year fix at 90% loan to value (LTV) with no fee has been reduced by 0.2% to 4.89%, and the five-year fix at 60% LTV with a £1,499 fee has been cut by 0.12% to 4.62%. At 85% LTV, the five-year fix with a £999 fee has been cut by 0.12% to 4.67% and the three-year fix at the same tier with the same fee has been lowered by 0.1% to 4.89%.
Across its remortgage deals, the two-year fix at 60% LTV with no fee has been reduced by 0.28% to 4.83%, and the two-year fix at 85% LTV with a £999 fee has been cut by 0.15% to 4.89%.
A two-year fix with a £1,499 fee at 60% LTV has been reduced by 0.07% to 4.56%, and the alternative with a £999 fee has been reduced by 0.1% to 4.64%.
For new and existing borrowers moving home, reductions of up to 0.17% have been made.
This includes the two-year fix at 90% LTV with no fee, which has gone down by 0.17% to 4.99%, and the two-year fix at 60% LTV with a £1,499 fee, which has been reduced by 0.06% to 4.29% and is now the mutual’s lowest rate on offer.
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Meanwhile, a five-year fix at 80% LTV with a £999 fee has been cut by 0.1% to 4.59%, as has a corresponding product at 90% LTV, now priced at 4.74%.
Carlo Pileggi, head of products at Nationwide, said: “We’re delighted to be cutting rates again as we look to put Nationwide at the forefront of borrowers’ minds. These changes will support first-time buyers and homemovers, as well as provide competitive options for those looking to remortgage.
“Following the rate cuts last week to our switcher range for existing customers, this underlines our role as an all-round lender focused on supporting borrowers across the housing market.”
Last week, the mutual cut product transfer mortgage rates.
Ecology BS adds larger loans to renovation offering
Ecology Building Society will now lend up to £2m at 80% LTV across its renovation mortgage range, up from £1.25m previously.
The product has a variable rate, currently 5.59%, with no early repayment charges.
Daniel Capstick, senior product and proposition manager for mortgages at Ecology Building Society, said the mutual “identified a gap for larger loans” for home renovation, so increased the maximum it would lend for higher-value properties and significant projects.
He added: “Ecology is well-known as a specialist in the renovation mortgage market, with more than four decades of experience to share with borrowers and brokers.
“The absence of this kind of home loan was a catalyst for our founders to set up the society back in 1981 and we continue to develop our range for this sector – last year, we added a renovation mortgage for borrowers wanting to carry out green home improvements rather than a more extensive retrofit.”
Capstick said the mutual would continue to offer its borrowers an incentive to reduce their home’s carbon footprint.
He added: “All our renovation mortgages come with our C-Change discount, which can take up to 1.5% off their mortgage rate as recognition for how they’ve improved their home’s energy efficiency.
“When fuel costs keep rising and prices remain volatile, making these improvements to your home should also save money on your bills.”
