Homeowners and first-time buyers, take note—Nationwide Building Society has once again reduced its mortgage rates for both new and existing customers.
This marks the third rate cut in just a few weeks, offering some much-needed relief in an otherwise uncertain housing market.
What’s Changing? Starting this week, Nationwide is lowering rates by up to 0.17% across various mortgage products. Here’s a quick look at the changes:
- Existing Customers Switching Deals – Reductions of up to 0.17% on two-, three-, and five-year fixed-rate mortgages (up to 90% loan-to-value), with rates now starting from 3.99%.
- New Customers Remortgaging – Rates have been trimmed by up to 0.15% for the same mortgage terms, also starting at 3.99%.
- Additional Borrowing – Borrowers looking to access extra funds will see cuts of up to 0.15% on selected deals.
Why the Cuts? With competition among lenders heating up and market conditions shifting, Nationwide is making its move to remain an attractive option for borrowers. Carlo Pileggi, the society’s Senior Manager for Mortgages, emphasized their commitment to supporting homeowners and buyers alike, stating that these rate reductions should provide more opportunities for customers to find the right mortgage deal.
The move comes as the mortgage market reacts to changing economic conditions, including interest rate expectations and inflation trends. With other big lenders like Barclays and HSBC also adjusting their rates recently, borrowers may find themselves with more choices than before.
Should You Lock In a Deal Now? While lower rates are always good news, experts advise weighing your options carefully. If you’re planning to remortgage or take out a new mortgage, comparing deals across different lenders is a smart move. However, with rates continuing to shift, some might prefer to wait and see if further reductions are on the horizon.
For now, Nationwide’s latest cuts offer a potential win for those looking to secure a competitive mortgage rate.
If you’re in the market, it might be worth checking out the new offers before they change again.
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