Nationwide Building Society announces massive cuts to mortgage rates – are you eligible?

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From Wednesday August 18, the building society is introducing a wave of new support for those looking to move home, as well as first-time buyers, with small deposits.

These new rates affect selected mortgage offerings across Nationwide, including rates for new customers looking to move home, those looking to remortgage and first-time buyers.

Deal for new customers

For new customers looking to move home, reductions up to 0.20 percent are available across two and five-year fixed rate products between 80 and 95 percent loan-to-value (LTV).

This includes:

Two-year fixed rate at 90 percent LTV reduced by 0.16 percent to 2.18 percent, with a £999 fee

Five-year fixed rate at 90 percent LTV reduced by 0.15 percent to 2.79 percent, with a £999 fee

Five-year fixed rate at 95 percent LTV reduced by 0.20 percent to 3.39 percent, with a £999 fee

READ MORE: How to make the most out of your extra money

Deal for customers looking to remortgage

People looking to remortgage will find reductions of up to 0.20 percent with the building society.

The remortgage offering covers two, five and ten-year fixed rate products at 80 and 85 percent LTV.

This includes:

Five-year fixed rate at 85 percent LTV reduced by 0.20 percent to 2.34 percent with a £999 fee

Two-year fixed rate at 85 percent LTV reduced by 0.15 percent to 2.29 percent with no product fee

Deal for first-time buyers

First-time buyers will have access to reductions of up to 0.20 percent across selected two, five and ten-year fixed rate products at 80 and 85 percent LTV.

This includes:

Five-year fixed rate at 85 percent LTV reduced by 0.20 percent to 2.34 percent with a £999 fee

Two-year fixed rate at 85 percent LTV reduced by 0.15 percent to 2.29 percent with no product fee

On top of this, Nationwide is introducing favourable rates for home movers and first-time buyers looking to purchase through shared equity.

To do this, the society is cutting rates by up to 0.34 percent on selected two and five-year fixed rates between 60 and 80 percent LTV.

These rates begin from 1.20 percent for two-year fixed mortgages and 1.30 percent for Nationwide’s five-year fixed products.

For Nationwide’s existing members who are looking to move home, reduced rates are on offer up to 0.20 percent on selected two and five-year products between 80 and 95 percent LTV.

Furthermore, the society is reducing selected further advance, family deposit mortgage and switcher rates between 60 percent and 95 percent LTV by up to 0.20 percent.

Upon getting their mortgage, first-time buyers will also receive £500 cashback as an incentive to join Nationwide.

People seeking to remortgage with the society can choose between £500 cashback or free standard legal fees.

Henry Jordan, Nationwide’s Director of Mortgages, outlined what the building society’s priorities are in regards to their customers.

He explained: “Nationwide remains as committed as ever to helping people move into their first home or onto their next.

“We are making these rate cuts to ensure we continue to be one of the most competitive lenders around at a time when demand remains high.

“These latest changes further enhance the Society’s products aimed at those with smaller deposits, and alongside our £500 cashback and Helping Hand mortgage that supports borrowers in meeting affordability requirements, mean Nationwide continues to offer a compelling proposition for first-time buyers.”

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