Nationwide has continued to cut mortgage rates, with its lowest available deal now priced at 3.83%.
The mutual has reduced rates by as much as 0.2% across its two-, three-, and five-year fixed rate products.
These will be available from 14 August, and its lowest rate is open to both new and existing customers who are looking to move home.
The 3.83% rate applies to a five-year fixed deal at 60% loan to value (LTV), with a £1,499 fee and minimum loan size of £300,000. The rate for this product was previously 3.99% and set off the recent trend of sub-4% mortgage deals returning to market.
The corresponding product with a £999 fee has been reduced by the same amount to 3.88%.
At 85% LTV, Nationwide has a five-year fix with a £999 fee, which has been cut by 0.13% to 4.37%.
Across its two-year fixes, there is a product at 60% LTV with a £999 fee, priced at 4.35%. This previously had a rate of 4.46%.
Nationwide has also lowered rates for deals available to first-time buyers, including a five-year fixed rate at 60% LTV, which has been reduced by 0.2% to 4.19%. This has a £999 fee.
At 85% LTV, there is a two-year fix, which has been cut by 0.05% to 4.9%, and a five-year fix, which has been reduced by 0.09% to 4.46%.
Both have £999 fees.
Remortgage rates will also reduce
For remortgage borrowers, Nationwide has reduced rates by as much as 0.18%.
This includes a five-year fix at 60% LTV, which has gone down by 0.12% to 4.2% with a £999 fee.
There is also a fee-free five-year fix at 75% LTV, which now has a rate of 4.5% after a 0.18% cut.
A two-year fixed rate at 60% LTV with a £999 fee has been cut by 0.13% to 4.57%.
Nationwide is also lowering two-, three- and five-year switcher rates up to 95% LTV by as much as 0.2%. Rates across this range now begin from 4.06%.
Nationwide said the changes aligned with its pledge to make switcher product rates the same or lower than the remortgage equivalents.
Its additional borrowing rates will be reduced by up to 0.19% on two-, three- and five-year fixes up to 90% LTV, with rates also starting from 4.06%.
Henry Jordan, director of home at Nationwide, said: “We’re making further cuts across our fixed mortgage range in support of all segments of the market and to ensure that Nationwide continues to be front of mind for those looking to buy their first home, move to their next or who want to switch to a new deal.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
