Nationwide cuts mortgage and NewBuy rates

Nationwide Building Society is reducing its two and five-year fixed rates by 0.10% and cutting its five-year fixed NewBuy rate.

It is now offering a five-year fixed rate at 3.89%, up to 70% LTV, with a  £450 product fee – was £900 – for house purchase, remortgage and existing customers moving home.

The deal has a £200 product fee for first-time buyers – was £400, and a £99 booking fee.

It is also offering a two-year fixed rate available at 3.39%, up to 60% LTV, with a £900 product fee for house purchase, remortgage and existing customers moving home.

It also has as a £500 product fee discount for first-time buyers and £99 booking fee.

For its NewBuy deal it is offering a five-year fixed rate available at 5.99%, up to 95% LTV, with a £450 product fee – was £900, for house purchase and a £200 product fee for first-time buyers – was £400 and a £99 booking fee.

Tracie Pearce, head of group mortgages product and pricing at Nationwide, says: “At a time when many lenders are increasing their rates, we’re pleased to offer our customers some good news by continuing to reduce ours. It’s particularly welcome for those wishing to fix for five years, especially as earlier this month we cut the product fees by half.

“We’re also cutting our five year fix NewBuy rates again, which, combined with the fee discount, are cheaper than when they were launched earlier this year.”