Nationwide cuts rates for first-time buyers and homemovers

Nationwide cuts rates for first-time buyers and homemovers

Rates on first-time buyer deals are being chopped by up to 0.10 per cent across two‒ and three-year fixed rates, available up to 75 per cent, 80 per cent and 95 per cent loan-to-value. For example, the new range includes a two-year fixed rate at 95 per cent LTV at 2.89 per cent, with a £999 fee.

For homemovers, rates across two‒ and three-year deals have been reduced by up to 0.16 per cent, while reductions of up to 0.12 per cent on two‒ and three-year fixed remortgage deals are also taking place. As a result the remortgage range now includes a two-year fixed rate at 80 per cent LTV at 1.47 per cent with a £999 fee.

In addition, Nationwide is revamping its shared equity range, with rates dropping by up to 0.35 percentage points on two‒ and five-year fixed rates between 60 and 80 per cent LTV. Rates now start at 1.09 per cent for two-year deals and 1.24 per cent for five-year fixed rates.

The mutual has also announced rate cuts of up to 0.17 per cent on selected further advance, family deposit mortgage and switcher rates between 60 per cent and 95 per cent LTV.

Henry Jordan (pictured), director of mortgages at Nationwide, emphasised that the lender regularly reviews its rates to ensure it remains one of the most competitive around for all types of borrowers.

He continued: “These latest cuts and the introduction of market-leading rates on our shared equity range show we are doing all we can to support people as they look at all the options available to get into a home of their own.”