The new switcher rates include:
- Two, three and ten-year fixed rates at 4.84% with a £999 fee available across all LTVs
- Five-year fixed rates at 4.64% with a £999 fee available across all LTVs
Additional borrowing rates will also reduce by up to 1.00% while Green Additional Borrowing rates will reduce by 0.30%.
Full details of all rates included in these latest changes can be found here.
Henry Jordan, Nationwide’s Director of Mortgages, said: “Following recent uncertainty, markets have stabilised and swap rates are falling, which allows us to reduce switcher rates to levels towards those seen in September. All existing mortgage members are now able to access rates below five per cent, regardless of product term or loan to value. These changes will help our members to manage their payments when current deals end and is one of the ways our mutual status allows us to support them through the high costs of living.”
The Society will also reduce the window in which borrowers can switch to a new deal from six month to five months from 1 November and to four months from 1 December.
