Nationwide cuts rates by up to 0.3%

Nationwide will reduce its rates by up to 0.3% on remortgages and house purchase products from tomorrow.

The biggest cuts are on mortgages available up to 85% LTV and with an average cut of 0.19%.

The new home purchase deals include a two-year tracker at 75-80% LTV reduced by 0.20%, now available at 3.68%.

A two-year fixed rate at 80-85% LTV is being reduced by 0.3% and is now available at 4.69%.

And a three-year fixed rate at 75-80% LTV is being reduced by 0.2%, now available at 4.89%, and a five-year fixed rate at 80-85% LTV which is being reduced by 0.3% available at 5.99%.

Martyn Dyson, head of mortgages at Nationwide, says: “In particular, the two-year fixed rate deal with an £896 product fee available up to 85% LTV for house purchasers is very competitive.

“What’s more, cash-back offers and discounts remain available.  Existing customers who take a new Nationwide mortgage when either moving home or switching at the end of their deal can receive £300 cash-back, while first time buyers can receive a £500 product fee discount on selected products.

“Customers who want the lower rates currently available on tracker mortgages, but value the security of a fixed rate, can select a tracker now knowing that they can switch to a fixed rate at a later date without having to pay any Early Repayment Charge.  Alternatively, they can, from the outset, opt for a mixture of tracker and fixed rate deals.”