Overview
- Nationwide confirmed on Friday, June 26 that it has reduced selected two-, three-, five- and ten-year fixed mortgage rates by up to 0.25 percentage points, with its cheapest fixed deal now at 4.19 percent.
- The Society gave specific examples of cuts such as the two-year fixed falling from 4.29% to 4.19% and the three-year fixed from 4.49% to 4.44%, and said the changes apply to first-time buyer, remortgage, mover and switcher ranges.
- Nationwide is offering a £500 cashback to first-time buyers who complete their mortgages and has extended cuts to switcher products in line with its customer pricing pledge.
- The Mortgage Works, Nationwide’s buy-to-let arm, has also cut selected new-business buy-to-let rates by up to 0.25 percentage points, and brokers say other big lenders have already made or may follow with similar reductions.
- Analysts and brokers say the moves stem from falling swap rates driven by lower oil prices and easing Iran–US tensions, but they warn that Bank of England policy or fresh geopolitical shocks could quickly reverse pricing so borrowers should compare fees and consider locking in deals.