Nationwide Building Society is today announcing new fixed and tracker mortgage rates as well as changes to its BMR and SMR following the recent Bank Rate increase.
Fixed and tracker mortgage rate changes
On Thursday 6 January, Nationwide will be making rate changes on selected two, three and five-year fixed rate and two-year tracker products at all Loan-to-Values (LTVs) across its mortgage range.
The changes will see rates on selected two and five-year fixed rate products up to 95% LTV and on selected two-year tracker rates up to 85% LTV increase by between 0.05% and 0.20%. The Society’s three-year fixed rates will no longer match the equivalent two-year products and as a result will increase by between 0.05% and 0.45%.
The new rates include:
- First-time buyers:
- Five-year fixed rate at 60% LTV increased by 0.05% to 1.52%, with a £999 fee.
- Two-year fixed rate at 85% LTV increased by 0.05% to 1.54%, with a £999 fee.
- Two-year tracker rate at 80% LTV increased by 0.05% to 1.24%, with a £999 fee.
- New customers moving home:
- Five-year fixed rate at 75% LTV increased by 0.05% to 1.54%, with a £999 fee.
- Two-year fixed rate at 85% LTV increased by 0.05% to 1.44%, with a £999 fee.
- Two-year tracker rate at 80% LTV increased by 0.10% to 1.19%, with a £999 fee.
- Two-year fixed rate at 60% LTV increased by 0.10% to 1.44%, with a £999 fee.
- Five-year fixed rate at 80% LTV increased by 0.10% to 1.94%, with a £999 fee.
- Three-year fixed rate at 75% LTV increased by 0.20% to 1.64%, with a £999 fee.
The Society is increasing shared equity rates by up to 0.10% on selected five-year fixed rates between 60% and 75% LTV. For the Society’s existing members moving home, Nationwide is increasing rates by between 0.01% and 0.40% on selected fixed and tracker products up to 95% LTV. Switcher and Additional Borrowing rates will also increase by up to 0.45% on selected fixed and tracker mortgages.
Full details of all rates included in these latest changes can be found here.
Nationwide’s first-time buyer mortgages also come with £500 cashback, while those looking to remortgage to the Society can choose between £500 cashback or free standard legal fees.
Nationwide’s BMR and SMR
Nationwide Building Society is also today announcing adjustments to mortgage rates for existing variable rate borrowers in line with the 0.15% increase in the Bank of England Bank Rate.
As a result, mortgage members who are on the Society’s Base Mortgage Rate (BMR) and Standard Mortgage Rate (SMR)1 products will see a rise of 0.15%. The new rates of 2.25% (BMR) and 3.74% (SMR) will come into effect on 1 February 2022.
Nationwide is still working through what the Bank Rate increase means for savers and will announce any changes in the near future.
Henry Jordan, Nationwide’s Director of Mortgages, said: “We regularly review our mortgage range and these latest changes to our new business and switcher rates are reflective of the current environment. With swap rates continuing to increase, fixed rates have begun to move upwards and our new rates follow changes made across the mortgage market. We are also increasing our BMR and SMR rates in line with the Bank Rate rise. We are announcing these now to give borrowers certainty about what their payments will be from 1 February as well as time to consider switching to one of our fixed or tracker products, all of which are priced the same or lower than our equivalent remortgage rates.”