Loan: Nationwide cuts 2, 3, 5-year fixes and trackers by up to 30bps



Nationwide Building Society will cut selected two-, three- and five-year fixed-rate loans and two-year tracker mortgage rate deals by up to 30 basis points from tomorrow (23 November).

The lender says among its remortgage range, new rates include reductions of between 5bps and 26bps on selected fixed and tracker products up to 90% such as:

  • A five-year fixed-rate offer at 60% loan to value down by 26bps to 4.93%, with a £999 fee.
  • And a two-year tracker rate at 85% LTV reduced by 15bps to 5.59%, with a £999 fee.

Deals for new customers moving home include reductions of between 5bps and 25bps on selected fixed and tracker products up to 95% such as:

  • A five-year fixed-rate offer at 60% LTV reduced by 25bps to 4.99%, with a £999 fee.
  • And a two-year fixed-rate loan at 75% LTV reduced by 25bps to 5.39%, with a £999 fee.

Deals for first-time buyers include reductions of between 5bps and 30bps on selected fixed and tracker products up to 95% such as:

  • A five-year fixed-rate offer at 90% LTV reduced by 15bps to 5.29%, with a £999 fee.
  • And a two-year tracker rate at 85% LTV reduced by 30bps to 3.94%, with a £999 fee.

The mutual says for its existing members moving home, it will reduce rates by up to 25bps, while shared equity rates are being cut by 20bps.

It adds that FTB mortgages also come with £500 cashback, while those looking for remortgage deals to join the society can choose between £500 cashback, or free standard legal fees.

The move comes after chancellor Jeremy Hunt calmed international debt markets in October, by largely reversing former chancellor Kwasi Kwarteng’s tax-cutting mini-budget in September.

Nationwide Building Society director of mortgages Henry Jordan says: “Continued market stability and the downward trend in swap rates have meant we’ve been able to make further rate reductions on a large number of products across our mortgage range.

“These changes now mean the society has selected remortgage and house purchase products with rates below 5% as we continue to support all types of borrowers, whether moving home or looking for a new deal.”

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