For first-time buyers, a two-year fix at 60 per cent LTV has been lowered from 5.24 per cent to 4.89 per cent and the five-year fixed alternative has been reduced from 4.84 per cent to 4.44 per cent.
At 85 per cent LTV, the two-year fixed option has been cut from 5.64 per cent to 5.09 per cent, and the five-year fixed equivalent has been reduced from 5.44 per cent to 4.84 per cent.
For remortgage options, rates have fallen by up to 0.55 per cent. This includes the five-year fix at 90 per cent LTV which has been cut by the maximum amount to 4.89 per cent, and an option at 60 per cent LTV which has been reduced by 0.36 per cent to 4.43 per cent. There is also a three-year fix at 80 per cent LTV, which has been cut by 0.55 per cent to 4.99 per cent.
For new borrowers moving home, the mutual has cut the five-year fixed mortgage at 60 per cent LTV to 4.44 per cent, down from 4.84 per cent. A two-year fixed deal at 80 per cent LTV has been reduced by 0.55 per cent to 4.99 per cent. All mortgages have a £999 fee.
There is also a fee-free deal, fixed for five years at 85 per cent LTV which has been cut by 0.6 per cent to 4.79 per cent.
For existing borrowers moving home, rates have been cut by up to 0.6 per cent, while shared equity rates have seen similar reductions.
Switcher and additional borrowing rates will be cut by up to 0.06 per cent. Green additional borrowing rates will be reduced by 0.1 per cent.
Henry Jordan, director of mortgages at Nationwide Building Society, said: “We’re making these latest rate reductions to ensure the society remains front of mind for all borrowers, especially those where rate is a key consideration.
“These latest changes, coupled with our existing schemes such as Helping Hand and Deposit Unlock, show our support for the housing market and all types of borrowers remains as a strong as ever and what people come to expect from the world’s largest building society.”
Natwest
Natwest has introduced a track and switch feature to its tracker mortgages, which will allow borrowers to transition onto a fixed rate mortgage.
The bank said this function was for borrowers who did not want a fixed rate mortgage right now but may want a mortgage in place so they can have the option later.
Borrowers will need to have a tracker mortgage for a minimum of three months. If they choose to switch to a fixed rate, their broker must do this through Natwest’s product transfer system.
Brokers who secure a tracker mortgage for their clients will receive a standard proc fee and when the product transfer is completed, they will get paid for this business.
This function has been launched after a trial period with Natwest’s intermediary team.
Mark Bullard, head of intermediary sales at NatWest, said: “We are continually looking at ways to support customers and brokers.
“We know that many customers are uncertain right now and our new track and switch feature supports and enables brokers to provide a solution which gives customers flexibility right now but the option to fix later.”
