Nationwide to cut rates

Michael Lloyd

September 24, 2019

Nationwide Building Society is set to reduce rates on its 90% LTV mortgages and shared equity mortgages.

The lender will cut rates on selected 2, 3 and 5-year fixed rate mortgage products by up to 0.15%.

At 90% LTV, 2-year fixes with a £999 fee will be decreased by 0.05% to 1.89% and 2-year fixes without a fee, will be cut to 2.29%.

Henry Jordan, director of mortgages at Nationwide, said: “By improving the competitiveness of our two, three and five-year fixed rate products, we are aiming to support those mortgage customers with both larger and smaller deposits who are looking for payment security.”

In addition, rates for the 5-year fixes at 90% LTV will be reduced by 0.05% to 2.29% with a £999 fee and 2.49% with no fee.

Within the Shared Equity range, rates have been cut for 75% LTV mortgages.

Within this range, 2-year fixes will be cut to 1.54% with a £999 fee and 1.94% without a fee whilst 5-year fixes will be reduced by 0.10% to reach 1.84% with a £999 fee and 2.04% without a fee.

Customers using the Switcher range will also see changes on products between 60% and 75% LTV.

At 60% LTV, 2-year fixes will be reduced by 0.10% to reach 1.29% and at 75% LTV 2-year fixes will be decreased by 0.10% to reach 1.39%. Both come with a £999 fee.

For 5-year fixes at 60% LTV, rates will be cut by 0.10% to 1.64% with a £999 fee and 1.84% without a fee.

Meanwhile at 75% LTV, rates for 5-year fixes will reduce by 0.15% to 1.69% which come with a £999 fee.

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