Nationwide issues 24 hour warning for those 'looking to remortage this year'

Nationwide has cut mortgage rates by up to 0.30 per cent. Effective from tomorrow, Tuesday 9 July, Nationwide Building Society will be reducing selected rates by up to 0.30 percentage points, with rates now starting from 4.18%.

For new customers moving home, there are reductions of up to 0.20% across two, three and five-year fixed rate products up to 85% LTV. For first-time buyers there are reductions of up to 0.09% across two and three-year fixed rate products up to 85% LTV.

Those looking to remortgage will get reductions of up to 0.30% across two, three and five-year fixed rate products up to 90% LTV. Nationwide is also reducing selected two, three, and five-year switcher rates at up to 95% LTV by up to 0.16% with rates starting from 4.34%.

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Nationwide is reducing rates and for existing customers moving home by up to 0.20%, with rates now starting from 4.18%. Rates for additional borrowing will be reduced by 0.16% and will now start from 4.34%. It is also removing all fees from further advance products.

Henry Jordan, Director of Home at Nationwide Building Society, said: “As one of the UK’s largest lenders, we remain as committed as ever to supporting borrowers. These reductions will ensure that we have some of the most competitive rates on the market for all types of borrowers whether it be first-time buyers, home movers or those looking to remortgage or switch deals.”

New rates include a five-year fixed rate at 60% LTV with a £1,499 fee is 4.18% (reduced by 0.16%), five-year fixed rate at 75% LTV with a £999 fee is 4.45% (reduced by 0.10%) and two-year fixed rate 60% LTV with a £1,499 fee is 4.59% (reduced by 0.20%) as well as a three-year fixed rate at 85% LTV with a £999 fee is 4.99% (reduced by 0.05%).