The changes to Nationwide’s range will be in place from 21 February.
Within Nationwide’s new customers moving home range, reductions of up to 0.22% will be applied across two-, three- and five-year fixed rate products up to 95% loan to value (LTV).
This includes its five-year fixed rate at 60% LTV with a £1,499 fee, which will fall by up to 0.05% to 4.09%.
Its five-year fixed rate at 85% LTV with a £999 fee will be lowered by 0.13% to 4.45%, while its three-year fixed rate at 75% LTV with a £999 fee will fall by around 0.05% to 4.34%.
The lender’s two-year fixed rate at 75% LTV with a £1,499 fee is 4.24%, while its two-year fixed rate at 95% LTV with no fee is 5.42%.
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Nationwide’s first-time buyer rates will be cut by around 0.33% across its two- and three-year fixed rate products up to 95% LTV.
This covers its three-year fixed rate at 60% LTV with a £999 fee, which is priced at 4.29% (reduced by 0.05%).
The three-year fixed rate at 85% LTV with a £999 fee is 4.64%, while its two-year fixed rate at 80% LTV with a £999 fee is 4.5%.
The lender’s two-year fixed rate at 95% LTV with a £999 fee will be priced at 5.29%.
Nationwide is also reducing rates for existing customers moving home by up to 0.22%, with rates now starting from 4.09%.
Carlo Pileggi, Nationwide’s senior manager for mortgages, said: “As one of the UK’s largest lenders, we remain as committed as ever to supporting homemovers and first-time buyers, with these reductions following our cuts for remortgage and switcher customers last week.
“These latest reductions bring five-year and two-year fixed rates closer together, with our first-time buyer £999 fee products fully aligned across both terms. We now have some of the most competitive rates on the market, whether it be for first-time buyers or customers moving home.”
Santander to pull sub-4% deals
Santander will remove its new business and product transfer five-year fixed rate at 3.99% in its intermediary and direct ranges from 10pm on 21 February.
The lender will keep its two-year fixed rate at 3.99% in place.
The lender launched its 3.99% deals last week, with Barclays consequently adding a sub-4% deal to the market in the days following.
The deals are at 60% LTV and are available for residential purchase and remortgage.
A Santander spokesperson said: “In line with our broker pledge to provide a minimum of 24-hours’ notice of any product changes, we have notified intermediaries that, from 10pm on Friday 21 February, we will be removing our 3.99% five-year fixed rate mortgage products.
“The decision follows an increase in five-year swap rates across the last week. Customers looking to secure a new mortgage deal can continue to apply for a sub-4% rate, with Santander’s leading two-year, 60% LTV products at 3.99%, alongside other competitive rates available via a broker or through our direct channels under our no dual pricing pledge.”
