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  "path": "/money/nationwide-building-society-mortgage-interest-rate-cut",
  "publishedAt": "2026-05-11T15:55:32.000Z",
  "site": "https://www.gbnews.com",
  "tags": [
    "Iconic restaurant chain with 150 sites announces major closure update",
    "Keir Starmer announces plans to renationalise British Steel",
    "Rachel Reeves could oversee 163,000 job losses as 'fragile' economy faces employment disaster",
    "The GB News Editorial Charter"
  ],
  "textContent": "\n\n\nNationwide Building Society has announced another major overhaul to its line of mortgage products with interest rates being slashed across dozens of offerings.\n\nThe high street lender is cutting interest rates attached to fixed mortgage range, supporting first-time buyers, home movers, and those who are remortgaging.\n\n###\n\n\n\n\nIn recent months, the Bank of England's Monetary Policy Committee (MPC) has voted to reduce the base rate to 3.75 per cent in a win for borrowers.\n\nHowever, the US-Iran war threatens to reduce the odds of future rate cuts as central banks across the world seek to prevent spikes in inflation resulting from the surge in oil prices\n\n###\n\n\n\n\n###\n\n\n\n\nWith the mutual's latest changes, Nationwide's mortgage rates are being reduced by up to 0.36 percentage points across two, three, and five-year fixed rate products.\n\nOnce this upcoming cut comes into effect from tomorrow, May 12, this means the building society's interest rate now stands at 4.35 per cent.\n\nCarlo Pileggi, Nationwide’s head of Mortgage Products, said: \"We’re pleased to be cutting our mortgage rates once again, with the biggest reductions this time aimed at first-time buyers.\n\n\"Some of our biggest rate cuts are being made on our higher loan-to-value mortgages, which will help those with smaller deposits to take their first step on to the property ladder.\n\n###\n\n\n\n\n### LATEST DEVELOPMENTS\n\n\n\n\n  * Iconic restaurant chain with 150 sites announces major closure update\n  * Keir Starmer announces plans to renationalise British Steel\n  * Rachel Reeves could oversee 163,000 job losses as 'fragile' economy faces employment disaster\n\n\n\n###\n\n\n\n\n###\n\n\n\n\n\"However, Nationwide remains an all-round lender and these rate cuts reflect our broader aim of supporting customers at every stage of homeownership.\"\n\nDespite this, Mary-Lou Press, president of NAEA Propertymark (National Association of Estate Agents), warned: \"While the mortgage market has calmed slightly after recent volatility, first-time buyers are still facing significant pressure. Rates have eased marginally, but affordability remains stretched, particularly for those with smaller deposits.\n\n\"On the ground, buyer demand remains resilient, but affordability challenges are clearly influencing purchasing decisions. Many buyers are becoming more cautious, reassessing budgets, extending timelines, or looking at smaller properties and different locations to make homeownership achievable.\n\n\"There is still a clear need for more support for first-time buyers through greater lender innovation, competitive high loan-to-value products and improved housing affordability. For borrowers navigating the current environment, taking professional mortgage advice remains crucial as financial criteria and lender appetite continue to shift.\"\n\n###\n\n\n\n\n###\n\n\n\n\nHere is a full list of the Nationwide Building Society mortgage rate cuts from this week:\n\nFirst-time buyers: reductions of up to 0.36 per cent across two, three, and five-year fixed rate products up to 95 per cent LTV, including:\n\n  * Five-year fixed rate at 90 per cent LTV with a £999 fee is 4.89 per cent (reduced by 0.36 per cent)\n  * Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.79 per cent (reduced by 0.34 per cent)\n  * Two-year fixed rate at 85 per cent LTV with a £999 fee is 4.69 per cent (reduced by 0.26 per cent)\n  * Two-year fixed rate at 60 per cent LTV with a £1,499 fee2 is 4.48 per cent (reduced by 0.18 per cent)\n\n\n\nIt should be noted that first-time buyers also receive £500 cashback when they complete their mortgage with Nationwide. First-time buyers and those moving home can also benefit from cashback of up to £500 if they purchase an energy-efficient property through Nationwide's Green Reward.\n\nExisting and new customers moving home: reductions of up to 0.24 per cent across two, three, and five-year fixed rate products up to 95 per cent LTV, including:\n\n  * Two-year fixed rate at 60 per cent LTV with a £1,499 fee2 is 4.35 per cent (reduced by 0.15 per cent)\n  * Five-year fixed rate at 60 per cent LTV with a £999 fee is 4.49 per cent (reduced by 0.24 per cent)\n  * Five-year fixed rate at 75 per cent LTV with a £999 fee is 4.59 per cent (reduced by 0.19 per cent)\n  * Two-year fixed rate at 90 per cent LTV with a £999 fee is 4.89 per cent (reduced by 0.20 per cent)\n\n\n\nRemortgage: reductions of up to 0.24 per cent across two, three, and five-year fixed rate products up to 90 per cent LTV, including:\n\n  * Two-year fixed rate at 75 per cent LTV with a £999 fee is 4.76 per cent (reduced by 0.24 per cent)\n  * Two-year fixed rate at 60 per cent LTV with a £1,499 fee is 4.63 per cent (reduced by 0.22 per cent)\n  * Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.94 per cent (reduced by 0.06 per cent)\n\n\n\n###\n\n\n\n\n\n\n\n\n\n\n**Our Standards: The GB News Editorial Charter**",
  "title": "Nationwide Building Society confirms mortgage overhaul - full list of interest rate cuts here"
}