Nationwide cuts rates by up to 0.6%

Nationwide has cut rates on some of its fixed and tracker deals by up to 0.6%, with an average rate cut of 0.3%.

The rate reductions come off the back of the announcement that Nationwide’s specialist lending arm, The Mortgage Works, has upped its LTV from 70% to 80% on its core range.

For purchases Nationwide has cut one of its two-year fixed rate deals by 0.11% to 3.38% at up to to 70% LTV, and has cut one of its three-year tracker products by 0.51% to 4.48% at between 75% LTV and 85% LTV.

The building society has also increased its maximum LTV to 85% on remortgage tracker deals.

Remortgage customers can access a two-year fixed rate deal 3.58% and a five-year fixed rate deal at 5.14%, both available at up to 70% LTV.

Andy McQueen, divisional director for mortgages and general insurance at Nationwide, says: “We have further improved our mortgage range by reducing our interest rates on selected deals by up to 0.6%.

“Some of our largest reductions are on our remortgage, Switch & Fix and further borrowing deals, in particular the two-year fixed rate products.”

McQueen adds: “Furthermore, our remortgage tracker mortgages are now available up to 85% LTV.

“This enables us to continue to support those customers remortgaging with less equity.”

Deals are available through Nationwide branches, online and by phone.

Products will be available from May 11.