Britain’s biggest building society is cutting rates across its fixed mortgage range for new and existing customers from Friday, with many other lenders having also announced cuts in recent days. <\/p>\n
Nationwide Building Society’s refreshed rates are aimed at first-time buyers, home movers and people remortgaging or looking for a new deal. <\/p>\n
Rates will be reduced by up to 0.25 percentage points across two, three, five and 10-year fixed-rate products, with Nationwide’s lowest fixed rate standing at 4.19%. <\/p>\n
Nationwide’s new range includes a three-year fixed-rate mortgage aimed at first-time buyers with a 25% deposit at 4.69%, reduced by 0.15 percentage points. The mortgage has a \u00a3999 fee. <\/p>\n
A two-year fixed-rate home mover deal will be offered to borrowers with a 40% deposit at 4.19%, reduced by 0.10 percentage points. The mortgage has a \u00a31,499 fee. <\/p>\n
Nicholas Mendes, mortgage technical manager at John Charcol, said: “Another round of cuts from Nationwide tells you more about the direction of travel than any single rate does.” <\/p>\n
He said swap rates, which are used by lenders to price mortgages, have fallen. <\/p>\n
Mr Mendes added: “With these reductions spanning the first-time buyer, home mover, remortgage, and switcher ranges, this looks like a lender competing for volume across the whole market rather than chasing a single eye-catching headline, and when a lender of this size keeps moving others tend to feel the pressure to follow.” <\/p>\n
The Mortgage Works, which is part of Nationwide Building Society, is also cutting rates by up to 0.25 percentage points on selected one, two and five-year fixed-rate products on Friday. <\/p>\n
The rate reductions, for new customers, will be across The Mortgage Works’s buy-to-let and limited company buy-to-let ranges. <\/p>\n
Other lenders to have made mortgage rate cuts in recent days include HSBC UK, First Direct, Yorkshire Building Society, West Brom Building Society and Skipton Building Society. <\/p>\n","protected":false},"excerpt":{"rendered":"Britain’s biggest building society is cutting rates across its fixed mortgage range for new and existing customers from…\n","protected":false},"author":2,"featured_media":763377,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[64,63,99,164,364076,253250,364077,236477,44589,54062],"class_list":["post-763376","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-au","tag-australia","tag-business","tag-economy","tag-fixed-mortgage","tag-fixed-rate","tag-mortgage-rate-cuts","tag-nationwide-building-society","tag-percentage-points","tag-rate-reductions"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/763376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=763376"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/763376\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/763377"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=763376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=763376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=763376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}