Nationwide lower fixed rates again so they start from 3.58% for mortgages between £300,000 and £5 million
Borrowers have been given a festive boost as Nationwide for Intermediaries has lowered its fixed mortgage rates to as low as 3.58%.
Nationwide has announced it is reducing selected fixed rates by up to 0.21%. This includes rates across its First Time Buyer, Home Mover, Existing Customers Moving Home and Remortgage products — as well as its Switcher and Additional Borrowing ranges.
Thisismoney.co.uk points out that this is the first time the building society has offered a fixed mortgage rate lower than 3.6% since September 2022. The lenders have a two-year fix at 3.58% and three- and five-year fixes priced around 3.75% for borrowers with a 40% deposit, raising between £300,000 and £5 million. Nationwide's lowest rates have £1,499 fees and require 40% deposits.
Carlo Pileggi, Nationwide’s Head of Mortgage Products, said: “We’re making cuts across our fixed rate mortgage range with even more of our rates now below 4%.
These latest changes, which follow hot on the heels of the wide-ranging rate cuts we made at the end of last week, demonstrate that Nationwide remains focused on offering competitive rates to first-time buyers, home movers and those looking for a new deal.”
The money markets are predicting that the Bank of England base rate will come down again on 18 December, and mortgage lenders are already pricing in a base rate cut into their fixed rates. According to Arbuthnot Latham, the private bank, a base rate cut is expected, with the budget likely to weigh on growth and inflation, with further easing next year likely to bring the base rate down to the 3.25-3.50% range.
Santander for Intermediates just about still offers many of the most competitively priced fixed-rate mortgages, and it offers fast mortgage offers like Nationwide. Click here to read our blog on how long it takes to get a mortgage offer.
Representative example: A capital and interest Nationwide mortgage of £500,000 payable over 30 years, initially on a 3.58% fixed rate for two years and then on a variable rate of 6.74% for the remaining 28 years, would require 24 monthly repayments of £2,274.48 followed by 336 monthly repayments of £3,194.80. The total amount repayable would be £1,128,040.32.
This amount is illustrative and may vary, made up of the loan amount, plus interest (£626,527.58) and £1,499 (product fee), £65 (final repayment charge), £15 (completion fee). The overall cost for comparison is 6.4% APRC representative.
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The information contained within was correct at the time of publication but is subject to change.
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