Nationwide lower fixed rates to 4.52% halting period of mortgage price hikes

Nationwide will be lowering rates across its fixed mortgage range, supporting first-time buyers, home movers and people remortgaging, it has announced. The new rates will be effective from tomorrow, Tuesday 4 August.

These latest changes will see rates reduced by up to 0.19 percentage points across two, three and five-year fixed rate products. This means Nationwide’s lowest rate now stands at just over 4.50%. The mortgages available to those with smaller deposits have come down more. 

Nationwide has announced some pricing improvements after a few weeks of mortgage rate hikes across the lenders. The building society’s cheapest two-year fix is coming down marginally from around 4.55% to just over 4.50%, and the five-year fix is reducing from around 4.6% to just over 4.50%. Its cheapest two-year tracker is staying at just below 4.10%.

Aaron Strutt, product director at Trinity Financial, says: "Nationwide has clearly been busy given the size of the previous rate hikes that pushed them out of the best buy tables. Hopefully a few more lenders will lower rates again, and we can reverse the scale of the price rises we have seen recently.

"On Friday afternoon, the lender Gen H sent a message to our brokers saying that, after last week’s swap rate spike, things have “turned right round”, meaning the lender could lower rates by up to 0.40%.  The Barclays sub-4% tracker seems to offer the best value at the moment even if there is a base rate increase this year as widely expected."

Nationwide moving "swiftly" to ensure new and existing customers can benefit from drop in funding costs

Carlo Pileggi, Nationwide’s Head of Mortgage Products, said: “After a period of increasing swap rates, recent falls have created an opportunity for us to reduce mortgage rates, and we’re moving swiftly to ensure new and existing customers can benefit. These rate cuts will benefit a wide range of customers – first-time buyers, new and existing customers moving home as well as those remortgaging to Nationwide.”

Nationwide lowers income threshold to qualify for 6 times salary mortgages

Nationwide has lowered the minimum combined income required for joint applicants to access mortgages of up to six times salary from £100,000 to £75,000. Eligible home movers and borrowers remortgaging with additional borrowing may now qualify, whether employed or self-employed.

A couple earning £75,000 could potentially borrow up to £450,000, compared with around £337,500 at 4.5 times income, although all applications remain subject to affordability, credit scoring and Nationwide’s lending criteria. 

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The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.

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