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Nationwide drops switcher rates

  • 13/12/2022
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Nationwide drops switcher rates
Nationwide Building Society has confirmed it is again reducing the interest rates charged on selected five- and ten-year fixed rate switch mortgage products.

The mutual dropped rates on these ranges last month, and is making further cuts from Wednesday 14 December by up to 0.40 percentage points.

On its five-year fixed rate range, cuts of up to 0.20 percentage points will take place on deals at 60 per cent and 75 per cent loan to value (LTV). These include the 60 per cent LTV deal which now has a rate of 4.49 per cent, down from 4.64 per cent, with a £999 fee.

On Nationwide’s ten-year fixed rate switcher range, products up to 95 per cent LTV will see their rates drop. These include a deal at 60 per cent LTV with a 4.59 per cent rate, down from 4.99 per cent, with no fee.

The mutual said it was also reducing rates on additional borrowing by up to 0.40 percentage points on selected five- and ten-year fixed rates.

Henry Jordan (pictured), director of mortgages at Nationwide Building Society, said the cuts were part of the mutual’s efforts to support existing members coming to the end of their deal.

He added: “We reduced all fixed rate switcher mortgages to below five per cent at the start of November, regardless of tenure and LTV. These latest reductions further enhance the competitiveness of the range and the support that we’re providing our mortgage members.”

Last week Nationwide dropped rates on select two- , three- and five-year fixed rates.

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