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Nationwide and Santander make further rate cuts – round-up

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  • 12/09/2023
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Nationwide and Santander make further rate cuts – round-up
Following on from the mortgage rate reductions last week, Nationwide and Santander have continued to cut pricing.

Nationwide has made cuts of up to 0.29 per cent, with the largest reductions being applied to two and three-year fixes for new borrowers moving home.  

This includes a two-year fix at 95 per cent loan to value (LTV) which has gone down from 6.73 per cent to 6.44 per cent. A three-year at at 60 per cent LTV has been reduced from 5.78 per cent to 5.64 per cent. Both products have a £999 fee. 

For first-time buyers, the mutual has made cuts of up to 0.25 per cent across two and three-year fixed products. 

For example, the three-year fix at 75 per cent LTV with no fee has gone down from 6.19 per cent to 5.94 per cent and the two-year fixed product at 60 per cent LTV with a £999 fee has been reduced by 0.06 per cent to 5.89 per cent. 

Across its remortgages, Nationwide has cut rates by up to 0.18 per cent. This includes a two-year fix at 60 per cent LTV with no fee which has gone down by 0.18 per cent to 6.14 per cent. There is also a three-year fix which has been cut by 0.06 per cent to 6.09 per cent. This also has no fee. 

The mutual is also cutting rates across its switcher, additional borrowing and existing borrowers moving home by up to 0.14 per cent. 

Henry Jordan, director of home at Nationwide Building Society, said: “Swap rates continue to fall allowing us to make further reductions to our mortgages rates.  

“These changes demonstrate our continued efforts to support existing members who are coming to the end of their current deal and new customers looking to take a mortgage with the society.”  

 

Santander cuts rates and adds 60 per cent LTVs 

Santander will reduce select residential purchase fixed rates by up to 0.14 per cent from tomorrow. 

The bank will also launch fixed residential rates for purchase at 60 per cent LTV which include £500 for first-time buyers. 

The new products will be for new borrowers and include two, three and five-year fixed options for purchase without a product fee. There will also be first-time buyer exclusive options with no fee and fixed rate terms of two, three and five years.  

Santander will also change the maximum loan size for its three-year fixed products with no fee to £550,000. 

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