Nationwide to cut rates on selected products

Nationwide has announced that it will reduce a number of its fixed and tracker mortgage rates by up to 0.4 per cent, starting from Thursday 23 August.

Two-year fix rates of up to 85 per cent LTV will be reduced by 0.20 per cent, starting at 1.69 per cent with a £999 fee, and 2.09 per cent with no fee.

Meanwhile, 95 per cent LTV products will be cut by 0.4 per cent, to 3.24 per cent with a £999 fee and 3.64 per cent with no fee.

In terms of two-year trackers, the 85 per cent LTV mortgage will be cut by 0.2 per cent, giving a new rate of 1.94 per cent with a £999 fee, and 2.34 per cent with no fee.

For three-year fixes of up to 85 per cent LTV, the rate is due to be cut by 0.2 per cent to 2.19 per cent with £999 fee, and 2.49 per cent with no fee.

In the five-year fix suite, the 60 per cent product will be reduced by 0.15 per cent, coming in at 1.94 per cent with the £999 fee, and 2.14 per cent with no fee.

The 95 per cent LTV five-year fix will have 0.4 per cent chopped off, leaving a rate of 4.14 per cent with a £999 fee, and 4.34 with zero fee.

Nationwide director of mortgages Henry Jordan comments: “The changes announced today offer improved choices across our range and the rates are equally available to new customers and to existing members switching product with us.”

It was only earlier this month that Nationwide announced that as of 1 September, it intends to raise its base mortgage rate to 2.75 per cent (currently 2.50 per cent), its standard mortgage rate to 4.24 per cent (currently 3.99 per cent), and its tracker mortgage rate by 0.25 per cent.

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