Nationwide Building Society confirms mortgage overhaul - full list of interest rate changes

Nationwide Building Society has announced another major overhaul to its line of mortgage products amid ongoing anxiety over interest rates.

The high street lender has slashed mortgage rates across its line of available deals in a major win for new and existing customers.

Effective tomorrow (June 26), the improved interest rates are being introduced to assist those remortgaging, moving home, or buying their first home.

As a result, mortgage rates are being slashed by up to 0,25 percentage points across two, three, five, and 10-year fixed-rate products.

In recent years, the Bank of England has opted to raise the base rate to as high as 5.25 per cent in an effort to bring down inflation, but this has since been reduced to 3.75 per cent.

While the central bank's Monetary Policy Committee (MPC) has voted to hold the cost of borrowing at this rate, concerns have been raised that rate hikes are on their way.

Henry Jordan, Nationwide Building Society's group director of Mortgages, said: “We’re delighted to be making another set of rate cuts this month.

"As an all-round lender, we’re committed to supporting all borrower types, and these latest reductions will help ensure Nationwide remains a strong choice for new and existing customers, whether they’re buying their first home, moving to their next, or looking for a new deal."

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First-time buyers

The new interest rates for first-time buyer mortgage products have seen reductions of up to 0.18 per cent across two, three, five, and ten-year fixed rate products up to 95 per cent (loan-to-value) LTV, including:

• Three-year fixed rate at 75 per cent LTV with a £999 fee is 4.69 per cent (reduced by 0.15 per cent)
• Five-year fixed rate at 85 per cent LTV with a £999 fee is 4.62 per cent (reduced by 0.05 per cent)
• Two-year fixed rate at 90 per cent LTV with a £999 fee is 4.82 per cent (reduced by 0.05 per cent)

Furthermore, first-time buyers can get £500 cashback when they complete their mortgage with the building society.

Remortgage

The new interest rates for reduction products have seen reductions of up to 0.25 per cent across two, three, five, and ten-year fixed rate products up to 95 per cent LTV, including:

• Two-year fixed rate at 60 per cent LTV with a £999 fee is 4.49 per cent (reduced by 0.12 per cent)
• Three-year fixed rate at 75 per cent LTV with no fee is 4.94 per cent (reduced by 0.25 per cent)
• Five-year fixed rate at 60 per cent LTV with a £999 fee is 4.59 per cent (reduced by 0.05 per cent)

Switcher

The new interest rates for switcher mortgage products have seen reductions of up to 0.14 per cent across two, three, five, and ten-year fixed rate products up to 90 per cent LTV, including:

• Two-year fixed rate at 60 per cent LTV with a £999 fee is 4.44 per cent (reduced by 0.12 per cent)
• Three-year fixed rate at 75 per cent LTV with no fee is 4.94 per cent (reduced by 0.05 per cent)
• Five-year fixed rate at 60 per cent LTV with a £999 fee is 4.54 per cent (reduced by 0.05 per cent)

Existing and new customers moving home.

The new interest rates for mortgage products geared towards existing and new customers have seen reductions of up to 0.15 per cent across two, three, five, and ten-year fixed rate products up to 95 per cent LTV, including:

• Two-year fixed rate at 90 per cent LTV with no fee is 4.89 per cent (reduced by 0.10 per cent)
• Two-year fixed rate at 60% LTV with a £1,499 fee is 4.19 per cent (reduced by 0.10 per cent)
• Five-year fixed rate at 90% LTV with a £999 fee is 4.69 per cent (reduced by 0.05 per cent)

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