Nationwide Building Society will be introducing a 0.99% mortgage on Wednesday 2 June for homeowners looking to remortgage. The two-year fixed rate available at 60 per cent Loan-to-Value (LTV) with a £1,499 fee is being reduced by 0.05% to 0.99%.
Nationwide is also reducing rates on Wednesday 2 June on other selected mortgages across its range by up to 0.20 percentage points. The new rates include:
- First-time buyers: reductions of up to 0.20% across selected two and five-year fixed rate products up to 90% LTV. This includes:
- Two-year fixed rate at 85% LTV reduced by 0.20% to 2.79%, with no product fee.
- Five-year fixed rate at 60% LTV reduced by 0.20% to 1.54%, with no product fee.
- Five-year fixed rate at 90% LTV reduced by 0.05% to 3.39%, with a £999 fee.
- Two-year fixed rate at 90% LTV reduced by 0.05% to 3.04%, with a £999 fee.
- New customers moving home: reductions of up to 0.20% across selected two and five-year fixed rate products up to 90% LTV. This includes:
- Five-year fixed rate at 60% LTV reduced by 0.20% to 1.49%, with no product fee.
- Two-year fixed rate at 85% LTV reduced by 0.07% to 2.32%, with a £999 fee.
- Two-year fixed rate at 90% LTV reduced by 0.05% to 2.94%, with £999 product fee.
- Five-year fixed rate at 90% LTV reduced by 0.05% to 3.34%, with £999 product fee.
- Remortgage: reductions of up to 0.10% across selected two and five-year fixed rate products up to 85% LTV. This includes:
- Two-year fixed rate at 75% LTV reduced by 0.10% to 1.34% with a £999 fee.
- Five-year fixed rate at 60% LTV reduced by 0.10% to 1.54% with no product fee.
- Five-year fixed rate at 60% LTV reduced by 0.05% to 1.24% with a £999 fee.
This launch of the Society’s 0.99% two-year fixed remortgage rate follows on from the recent launch of the Society’s lowest ever further advance rate with its Green Additional Borrowing available at 0.75% for loans of between £5,000 and £25,000 up to a maximum of 85% LTV, all with no product fee.
For the Society’s existing members moving home, Nationwide is reducing rates by up to 0.15% on selected two and five-year products up to 95% LTV.
Nationwide is also reducing selected further advance, family deposit mortgage and switcher rates by up to 0.05%.
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.
Henry Jordan, Nationwide’s Director of Mortgages, said: “As the UK’s largest building society, helping people into their first home or to move to their next is a core part of what we do and that commitment to those borrowers is evidenced by these latest rate cuts. We also want to ensure that Nationwide is the first port of call for those looking for a new mortgage deal, which is why we are pleased to be able to launch a sub-1% rate for those looking to remortgage.
“The launch of our new 0.99% rate comes soon after we launched our lowest ever further advance rate for those looking to make their homes greener. With these, alongside our other rate reductions, we are ensuring that Nationwide’s mortgage range continues to be one of the best around in what remains an extremely competitive market.”
