Nationwide said it was offering a rate of 3.94% for new customers looking to remortgage with a £1,499 fee, and switcher rates for existing customers begin from 3.94% with a £999 fee.
The rate cuts will come into effect from 25 April.
Within its remortgage range, two-, three- and five-year fixed rates and two-year tracker deals up to 95% loan to value (LTV) will begin from 3.94%.
Nationwide’s two-year fixed rate at 60% LTV with a £1,499 fee has fallen by 0.15% to 3.94%, while its five-year fixed rate at the same LTV tier and with the same fee has decreased by 0.05% to 3.94%.
Its two-year fixed rate at 85% LTV with a £999 fee is 4.6%, a fall of by 0.24%, and its five-year fixed rate at 75% LTV with a £999 fee has decreased by 0.13% to 4.12%.
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On the switcher side, there are cuts of up to 0.24% across select two-, three- and five-year fixed rates and two-year tracker deals up to 95% LTV. Pricing also starts from 95% LTV.
For example, its two- and five-year fixed rates at 60% LTV with a £999 fee come to 3.94%.
Nationwide’s two-year fixed rate at 85% LTV with a £999 fee is 4.55%, a cut of 0.24%, and its five-year fixed rate at 75% LTV with a £999 fee has decreased by 0.13% to 4.07%.
These changes follow on from the cuts of up to 0.25% across the first-time buyer and homemover ranges that Nationwide made earlier this week.
Carlo Pileggi, Nationwide’s senior manager for mortgages, said: “After cutting rates for first-time buyers and homemovers earlier this week, we are now reducing rates for existing customers looking for a new deal and new customers wanting to remortgage. The latest cuts ensure that we have competitive mortgage rates across the board and firmly position us as the go-to lender for every type of borrower.”
MPowered Mortgages cuts fixed rate pricing
MPowered Mortgages will lower fixed rate mortgage pricing from 9am on 25 April, citing swap rate falls.
Two-year fixed rates begin from 3.99% at 60% LTV with a £999 fee and at 4.24% with no fee.
Three-year fixed rates start at 3.92% at 60% LTV with a £999 fee and 4.13% without a fee.
Five-year fixed rates are priced from 4.09% at 60% LTV with a £999 fee and 4.23% with no fee.
Stuart Cheetham, MPowered Mortgages’ CEO, said: “Swap rates, which mortgage lenders base their mortgage rate pricing on, have continued to fall in the past couple of weeks and we are now starting to see some of the best mortgage rates in well over a year as a result.
“Swap rates, especially for shorter-term fixed options, have fallen by over 30bps since Donald Trump’s announcement and two-year swap rates are now at the lowest level we have seen for over 12 months.”
He added: “Whilst three base rate cuts for 2025 have now been priced into the swap curve, the macroeconomic backdrop remains uncertain. The potential of cheaper imports from Asia and a [weakening] of the US dollar could mean inflation falls faster than forecast, which would allow the Bank of England to cut the base rate even further and faster.
“Continued sluggish growth of the UK economy could have further implications for swap rates in the latter half of 2025 and into 2026 and we could see the base rate fall to as low as 3% if the economic situation continues to look bleak.
“Whilst this could mean even lower mortgage rates are on the horizon, which would be great news for homebuyers and those looking to remortgage, we could start to see house prices rise substantially given ongoing housing supply constraints.”
