Nationwide cuts rates for first-time buyers by 0.17%

Nationwide has announced it is reducing its two and three-year fixed rates between 75% and 95% LTV by up to 0.17 percentage points.

The changes come into effect from today, the society confirmed.

The 0.17% reduction is open to first-time buyers and comes with a two-year fixed rate at 1.62% and 85% LTV, with a £1,499 fee.

For the society’s existing members moving home, Nationwide is reducing rates by up to 0.11% on selected two and three-year fixed products between 75% and 95% LTV. The society is also reducing selected further advance, family deposit mortgage and switcher rates by up to 0.11%.

Nationwide’s first-time buyer mortgages come with £500 cashback, while those looking to remortgage to the society can choose between £500 cashback or free standard legal fees.

“By improving the competitiveness of our two and three-year fixed rate products, we are aiming to support those mortgage customers with smaller deposits who are looking for payment security,” said Nationwide director of Mortgages, Henry Jordan.

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