Nationwide Building Society has announced a series of mortgage rate reductions effective immediately, alongside the introduction of a £1,499 arrangement fee for select high-value loan products. These changes mark a significant adjustment in Nationwide’s mortgage offerings across the UK, including branches in Birmingham.
The society is cutting interest rates by up to 0.25 percentage points on fixed rate mortgages spanning two, three, five, and ten-year terms. The lowest available rate now stands at a competitive 3.64%, targeting new and existing customers taking out a two-year fixed rate mortgage at 60% Loan-to-Value (LTV) with the £1,499 fee applied.
The new £1,499 fee applies to mortgage products with a minimum loan size of £300,000. This fee is part of Nationwide’s strategy to align product features with borrower needs, particularly for larger mortgages.
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Rate reductions of up to 0.24% are available on two, three, five, and ten-year fixed rate products up to 95% LTV for both new mortgages and remortgages. Additionally, switcher products—designed for existing Nationwide customers nearing the end of their current deals—see reductions of up to 0.25% across similar terms and LTV ratios. Nationwide continues to uphold its mortgage customer pricing pledge, ensuring switcher rates remain equal to or lower than remortgage equivalents.
First-time buyers also benefit, with reductions of up to 0.17% on fixed rate mortgages across all terms up to 95% LTV.
Carlo Pileggi, Nationwide’s Head of Mortgage Products, commented: “We’re making rate cuts across the majority of our fixed rate mortgage range with several sub-4% options and a market-leading rate for home movers. These changes will position Nationwide as one of the most competitively priced lenders, appealing to a broad spectrum of borrowers.”
This strategic move reflects Nationwide’s commitment to offering competitive mortgage products while adapting its fee structure to support the lending of higher-value mortgages.