Nationwide’s lowest mortgage rate is now 3.74% after the lender announced its latest round of price cuts.
The deal is available on a two-year fixed rate mortgage for customers moving home. Borrowers must have at least 40% equity to be eligible for this deal and it comes with a £1,499 fee.
But it’s not the only price cut, and the building society has also unveiled rates as low as 3.86% for first-time buyers with a healthy 40% deposit. For those stepping onto the property ladder with a 10% deposit, however, there is a rate of 4.33% for Nationwide’s cut-price two-year fixed rate. This one comes with a £999 fee.
These and other price cuts from Nationwide come into effect today (Wednesday 30 July).
Carlo Pileggi, senior manager – mortgages, at Nationwide, said: “As the country’s second largest lender, we always strive to support all parts of the market with competitive rates.
“This latest round of cuts across our range move even more of our rates below 4% and should put Nationwide front of mind of first-time buyers, those moving on to their next home and those looking for a new mortgage deal.”
What is the typical mortgage rate today?
A typical two-year fixed rate mortgage is currently 5.02% according to data from Moneyfacts. This compares to 5.10% on the same day last month.
For a five-year fixed rate the average is currently 5.01%. On the same day in June it was 5.08%, according to Moneyfacts.
