This includes reductions of up to 0.26 per cent across its remortgages such as its five-year fix at 60 per cent loan to value (LTV) which has gone down from 5.19 per cent to 4.93 per cent. The equivalent at 75 per cent LTV now has a rate of 4.98 per cent, down from 5.24 per cent.
These sub-five per cent rate deals signify a recent downward trend in mortgage pricing which has put average five-year fixes below six per cent for the first time since October. Average two-year fixes sit just above that at 6.13 per cent, figures from Moneyfacts released today show.
Platform and Yorkshire Building Society have also made reductions, bringing select mortgage rates below five per cent.
Nationwide’s two-year fixed remortgage at 85 per cent LTV has been reduced by 0.15 per cent to 5.59 per cent, while the two-year tracker at 80 per cent LTV has seen the same reduction to 3.94 per cent.
New borrowers moving home
For new borrowers moving home, the mutual’s five-year fix at 60 per cent LTV has been reduced by 0.25 per cent to 4.99 per cent and a five-year fixed at 90 per cent LTV has gone down by 0.15 per cent to 5.24 per cent.
A two-year fix at 75 per cent LTV has been reduced by 0.25 per cent to 5.39 per cent, while a two-year tracker at 60 per cent LTV has been cut by 0.2 per cent to 3.49 per cent.
First-time buyer rate reduced
For first-time buyers, rates have been reduced by up to 0.30 per cent. This includes a five-year fix at 90 per cent LTV which now has a rate of 5.29 per cent, down from 5.44 per cent and a five-year fix at 60 per cent LTV which has gone down from 5.24 per cent to 5.04 per cent.
A two-year fix at 80 per cent LTV has been cut by 0.1 per cent to 5.59 per cent, while a two-year tracker at 85 per cent LTV has seen a 0.3 per cent reduction to 3.94 per cent.
All products have a fee of £999.
A stable market
Henry Jordan, director of mortgages at Nationwide Building Society, said: “Continued market stability and the downward trend in swap rates have meant we’ve been able to make further rate reductions on a large number of products across our mortgage range.
“These changes now mean the Society has selected remortgage and house purchase products with rates below five per cent as we continue to support all types of borrowers, whether moving home or looking for a new deal.”
