This will be the first time since September last year that the mutual has offered pricing this low to those stepping onto the property ladder and includes a two-year fix at 60% loan to value (LTV) with a £1,499 fee and rate of 3.94%, following a 0.15% cut. At the same tier, a two-year fix with a £999 fee has been reduced by the same amount to 3.99%.
Also available to first-time buyers, Nationwide has cut a five-year fixed rate mortgage at 85% LTV with no fee by 0.3% to 4.54% and a two-year fix at 95% LTV, which comes with a £999 fee, by 0.27% to 4.85%.
For existing and new borrowers moving home, Nationwide has lowered rates by as much as 0.25% across two-, three-, five- and 10-year fixed rates and two-year tracker rates up to 95% LTV.
This includes a two-year fix at 60% LTV with a £1,499 fee, now 3.84% after a 0.05% cut, and the equivalent with a £999 fee, which has been reduced by the same amount to 3.89%.
There is also a two-year fix at 85% LTV with a £999 fee, which has been cut by 0.21% to 4.19%, and a three-year fix at 95% LTV, also with a £999 fee, which has been reduced by the same amount to 5.02%.
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Nationwide has also lowered remortgage rates by as much as 0.2%, including a two-year fix at 95% LTV with a £999 fee, which is now priced at 5.44%, and a 10-year fix at 75% LTV with a £999 fee, which has gone down to 4.49%.
Its switcher rates have also been cut by as much as 0.2%.
Carlo Pileggi, Nationwide’s senior manager for mortgages, said: “We’re pleased to be able to make our third rate cut in three weeks as we strive to remain one of the most competitive lenders in the market.
“This latest round of changes includes us offering sub-4% rates for first-time buyers, as well as reducing rates across our Helping Hand mortgages, which enable eligible first-time buyers to borrow up to six times their income up to 95% LTV.”
The rates will be effective from 7 May.
MPowered cuts rates by up to 0.17%
MPowered Mortgages has reduced its two-, three- and five-year fixed rates by as much as 0.17%, with pricing now from 3.89%.
This will apply to new and remortgage borrowers.
For new purchase customers, MPowered Mortgages’ two-year fix starts at 3.94% at 60% LTV with a £999 fee, while with no fee, this is priced at 4.19%.
Three-year remortgages start at 3.89% at 60% LTV with a £999 fee or 4.09% with no fee.
The five-year fix at 60% LTV with a £999 fee is priced at 4.04%, or 4.17% with no fee.
Stuart Cheetham, CEO of MPowered Mortgages, said: “We are pleased to be cutting rates once again. Swap rates have continued to fall, which has allowed us to offer even lower rates to our customers. We have seen mortgage rates falling over the past few weeks or so, making now an attractive time to get on the ladder.
“New lower rates will also bring welcome relief to those remortgaging. With further base rate cuts expected this year, we may see rates come down a little further, although much of this is already baked into current rates, so securing a mortgage at today’s rates could be a prudent move, as then you can lock it in.”
These changes follow reductions made by both lenders at the end of last month.
