Changes to rates will apply from 8 December, with the headline rate being its five-year fix at 60 per cent loan to value (LTV) with a £999 fee. This has had a 0.14 per cent reduction.
The two-year fixed equivalent has been cut by the same amount to 4.65 per cent. There is also a three-year fix at 90 per cent LTV with a £999 fee which has gone down by 0.26 per cent to 5.29 per cent.
These products are available to new borrowers who are moving home.
For first-time buyers, the lender has cut a two-year fix at 75 per cent LTV down by 0.28 per cent to 4.85 per cent. This has a £999 fee. A corresponding five-year fix at 60 per cent LTV has been cut by 0.15 per cent to 4.34 per cent, and a three-year fix at 90 per cent LTV is now 5.31 per cent following a 0.19 per cent reduction.
Remortgage rates have been reduced by up to 0.31 per cent, switcher rates by up to 0.19 per cent, and existing homemover rates by as much as 0.24 per cent.
Henry Jordan, director of home at Nationwide Building Society, said: “These latest changes mark our eleventh reduction in four months with rates now starting from 4.29 per cent. In a continually moving market, we always aim to remain competitive across the board for first-time buyers, homemovers and those looking to remortgage.”
Leeds BS lowers high LTV rates
Leeds Building Society has reduced rates across its mortgages available to first-time buyers.
This includes changes across its high LTV mainstream products and shared ownership deals.
Its two-year fix at 95 per cent LTV has been reduced to 6.08 per cent. This has no fee and offers £500 cashback. Its five-year fixed shared ownership product, also at 95 per cent LTV, is now 5.78 per cent.
This also has no fee.
Sean Hanson, senior mortgage manager at Leeds Building Society, said: “We understand that saving up and building a deposit is harder than ever for aspirational first-time buyers. Borrowers with smaller deposits remain a key focus for us, as we seek to deliver on our purpose to put home ownership within reach of more people.
“We keep our mortgage range under constant review and have decided to improve rates on our higher-LTV mortgages and shared ownership product range, which we expect will appeal to first-time buyers.”
“As the UK’s largest lender on shared ownership, we believe this is the most effective way to lower the deposit hurdle and help more people get a foothold on the property ladder.”