In its fourth wave of rate reductions in two months, the lender is cutting its 90 per cent LTV two-year fixed rates by 0.7 per cent, with rates now available from 4.49 per cent, or 4.39 per cent for existing customers. The rate changes will take effect from tomorrow.
It is also reducing its three-year fixed rates by 0.6 per cent, with rates available from 4.69 per cent – 4.59 per cent for existing customers – and its five-year fixed rates by 0.5 per cent, with rates starting from 4.99 per cent – 4.89 per cent for existing customers.
The lender is also cutting other fixed and tracker rates by up to 0.4 per cent.
Nationwide head of mortgages Tracie Pearce says: “We have cut our rates a number of times over the last few weeks and not just for those with a large deposit. This time, we will continue to make reductions across the board, but our largest cuts are on loans with an LTV of 90 per cent.
“It is a tangible demonstration of how we are utilising the Funding for Lending Scheme to reduce rates for customers at both ends of the LTV spectrum. We hope it gives first time buyers and other borrowers the boost they need to get the mortgage and home that they are looking for.”