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Nationwide adds sub-four per cent mortgage in rate cutting drive

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  • 15/02/2023
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Nationwide adds sub-four per cent mortgage in rate cutting drive
Nationwide has made a series of mortgage rate cuts to its fixed and tracker mortgage range of up to 0.7 per cent, with a five-year fix now starting at 3.99 per cent.

The sub-four per cent remortgage has been reduced by 0.19 per cent and is available at 60 per cent loan to value (LTV) with a £999 fee. 

The option with no fee at the same LTV tier has been reduced from 4.29 per cent to 4.18 per cent. 

The mutual has also reduced a two-year tracker remortgage, also at 60 per cent LTV, by 0.05 per cent to 4.24 per cent. This has a £999 fee. 

Rates on select switcher products have also been lowered by up to 0.41 per cent and now begin from 3.94 per cent. This is part of the mutual’s pledge to price its switcher products the same or lower than remortgage options. 

For first-time buyers, rate cuts of up to 0.7 per cent have been made across two, three and five-year fixes, as well as two-year trackers up to 95 per cent LTV. 

At 95 per cent LTV, there is a five-year fix with a rate of 4.99 per cent, down from 5.59 per cent. This has a £999 fee. The fee-free option has a rate of 5.09 per cent, down from 5.79 per cent. 

A five-year fix at 90 per cent LTV with a £999 fee has been reduced by 0.15 per cent to 4.59 per cent, while a two-year fix at 80 per cent LTV has been cut by the same amount to 4.84 per cent. This also has a £999 fee. 

Nationwide has also cut rates for existing borrowers moving home by up to 0.55 per cent across two, three and five-year fixes, as well as two-year tracker mortgages up to 95 per cent LTV. Additionally, shared equity rates up to 80 per cent LTV are being reduced by up to 0.2 per cent. 

The mutual has also lowered rates for people looking to borrow more, with reductions of up to 0.41 per cent as across two, three and five-year fixes, as well as two-year tracker mortgages up to 95 per cent LTV. The rate on its green additional borrowing product has also been reduced by 0.24 per cent and is now priced at 3.94 per cent for the product at 60 per cent LTV. 

Henry Jordan (pictured), director of home at Nationwide Building Society, said: “These latest changes mean we will have reduced rates for the fourth time this year and now have a sub-four per cent rate for those looking to remortgage and a sub-five per cent rate for first-time buyers. In a continually moving market, we always aim to remain competitive across the board for first-time buyers, home movers and those looking to remortgage. 

“We have also reduced rates on our switcher range to support those coming to the end of their existing deal. With switcher rates now starting at 3.94 per cent, these latest reductions ensure we maintain our existing mortgage member pricing pledge, meaning our switcher products will be the same or lower than our equivalent remortgage rates.” 

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