The mortgage lender said its lowest rate for new and existing customers moving into their homes is 4.29%.
But there have been some strong offers for first-time buyers, who will see discounts of up to 0.28% on fixed-rate deals when borrowing up to 95% loan-to-value (LTV).
In addition, Nationwide has revealed that first-time buyers will also receive £500 cashback when completing their mortgage with Nationwide.
It comes a week after the building society announced it would be making rate cuts on its range of ‘converted’ mortgages, which are for existing customers who are nearing the end of their deal and who are moving to another product nationwide.
It said these latest changes are a continuation of its existing mortgage pricing pledge, that all conversion product rates will be the same or lower than remortgage equivalents.
Carlo Belligi, Head of Mortgage Products at Nationwide, said:: “These changes will support first-time buyers and house movers, as well as providing competitive options for those looking to remortgage.
“Following last week’s interest rate cuts across our transfer range for existing customers, this underscores our role as a one-stop lender focused on supporting borrowers across the housing market.”
It’s time to review the market, experts say
The latest changes have been welcomed by mortgage brokers, including Rachel Geddes, director of strategic lender relationships at Mortgage Advice Bureau, who said it was positive news for anyone thinking about their next step on the housing ladder.
In fact, when a major lender like Nationwide makes rate cuts, it can provide hope that more lenders may follow suit.
Geddes offered advice to those looking to mortgage or remortgage. “Whether you are a first-time buyer, planning to move, or nearing the end of your current mortgage deal, lower fixed rates could mean improved affordability, lower monthly payments, and increased financial certainty.
“While additional and top-up borrowing rates remain unchanged, Nationwide’s recent cuts reflect continued movement in the mortgage market, creating renewed opportunities for borrowers to secure a more competitive rate.
“For anyone looking to make their mortgage work a little harder, now is a good time to review the market.
“Talk to a mortgage adviser to understand how these changes may affect your ability to borrow, and whether a more competitive deal can be offered to you.”
