Nationwide has reduced mortgage rates to support first-time buyers, homemovers and remortgagors.
Changes will be effective from 12 May and see reductions of up to 0.36%, with the mutual’s lowest rate now at 4.35% for new and existing borrowers looking to move home.
For first-time buyers, the five-year fix at 90% loan to value (LTV) with a £999 fee has been reduced by 0.36% to 4.89%, and the equivalent at 85% LTV has been lowered by 0.34% to 4.79%.
A two-year fix at 85% LTV with a £999 fee has been cut by 0.34% to 4.69%, and a two-year fix at 60% LTV with a £1,499 fee has been reduced by 0.18% to 4.48%.
For new and existing borrowers moving home, cuts of up to 0.24% have been made.
This includes its two-year fix at 60% LTV with a £1,499 fee, which has fallen from 4.5% to 4.35%. Meanwhile, the five-year fix at the same tier with a £999 fee has gone down by 0.24% to 4.49%.
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There is a five-year fix at 75% LTV with a £999 fee, cut by 0.19% to 4.59%, and a two-year fix at 90% LTV, also with a £999 fee, cut from 5.09% to 4.89%.
Remortgage changes include a two-year fix at 75% LTV with a £999 fee, which has been cut by 0.24% to 4.76%, and a two-year fix at 60% LTV with a £1,499 fee, which has gone down from 0.22% to 4.63%. Its five-year fixed remortgage at 85% LTV with a £999 fee has been cut by 0.06% to 4.94%.
Carlo Pileggi, head of mortgage products at Nationwide, said: “We’re pleased to be cutting our mortgage rates once again, with the biggest reductions this time aimed at first-time buyers. Some of our biggest rate cuts are being made on our higher-LTV mortgages, which will help those with smaller deposits to take their first step onto the property ladder.
“However, Nationwide remains an all-round lender and these rate cuts reflect our broader aim of supporting customers at every stage of homeownership.”
NatWest adjusts rates
NatWest has lowered some of its new business rates, effective from 12 May.
This includes its two-year fixed purchase option at 60% LTV with a £1,495 fee, which has gone down from 4.65% to 4.49%. At the same tier, the fee-free five-year fixed has been reduced from 4.89% to 4.84% and the option with a £995 fee has gone down from 4.75% to 4.72%. The corresponding product with a £1,495 fee has been reduced from 4.7% to 4.67%.
NatWest has also made changes to selected remortgage, high-value purchase, green and Help to Buy rates.
Virgin Money cuts mortgage rates
Virgin Money has also lowered selected rates, which come in on 12 May.
Across its purchase offering, two-year fixed rates will be reduced by up to 0.26%, five-year fixes by up to 0.24% and shared ownership rates by as much as 0.26%.
Its two-year fixed remortgage rates will go down by up to 0.24% and five-year fixes by up to 0.1%.
