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Nationwide cuts new and existing business rates

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  • 31/08/2023
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Nationwide cuts new and existing business rates
Nationwide has reduced selected fixed and tracker rates by up to 0.15 per cent across its new business, switcher, additional borrower and existing customers moving home product ranges.

The changes will come into force from tomorrow.

In its new business range, select two and five-year fixed rates have decreased for both £999 fee and fee-free products.

Two-year fixed rates start from 5.84 per cent and five-year fixed rates are priced from 5.19 per cent at 60 per cent LTV with a £999 fee.

First-time buyer deals have also fallen, with two and five-year fixed rates starting from 5.95 per cent and 5.25 per cent at 60 per cent LTV respectively.

New members moving and first-time buyer shared equity product rates have reduced, with two-year fixed rates beginning from six per cent for two-year fixed rates at 60 per cent and 5.3 per cent for five-year fixed rates at the same LTV tier.

Remortgage products start at 5.9 per cent for a two-year fixed rate at 60 per cent LTV and 5.4 per cent for a 60 per cent LTV for a five-year fixed rate.

New business and existing business tracker products are now priced from 5.39 per cent.

Within its existing business and existing members moving home, two and five-year fixed rates start from 5.79 per cent for a two-year fixed rate at 60 per cent LTV and five-year fixed rates at 60 per cent LTV at 5.14 per cent.

Existing members moving home shared equity begin from 5.84 per cent for two-year fixed rates at 60 per cent LTV and 5.19 per cent for five-year fixed rates at 60 per cent LTV.

Additional borrowing rates have been changed, with changes being applied to two-year fixed rates at 75 per cent LTV, three-year fixed rates at 90 per cent LTV and five-year fixed rates at 60, 75 and 85 per cent LTV.

Two-year fixed rate switcher products at 75 per cent LTV have decreased, with rates beginning from 5.79 per cent and five-year fixed rates at 60, 75 and 85 per cent LTV have gone down. Pricing starts from 5.14 per cent.

Two-year fixed rate switcher additional borrowing at 75 per cent LTV has decreased and is priced at 5.79 per cent and deductions have been applied to five-year fixed rates at 60, 75 and 85 per cent LTV.

Henry Jordan, director of home at Nationwide Building Society, said: “The current swap rate environment is enabling us to make further rate cuts across our mortgage rates and this is now the fourth time we’ve been able to reduce our rates over the last month as we look to support all types of borrowers as much as we can.”

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