In a message sent out to all mortgage intermediaries (brokers) yesterday, Nationwide announced a huge rate reduction to some of their mortgage products. The intermediary arm of the building society announced that they would be making some big changes to standard Nationwide mortgage rates across their products after a turbulent last few months in 2022. This is just another positive move in the direction of what should shape up to be a great year for mortgages and house finance in general in 2023.
What Are The Changes That Nationwide Have Made?
Nationwide have made changes to products for first-time buyers, home movers and people looking to remortgage a property. So pretty much catering for all areas of property finance. A very encouraging sign going into 2023 as it points towards a renewed appetite for borrowing from a key player in the mortgage lending market. All of the mortgage products being reduced are across 2, 3 & 5-year fixes and some will come with a £999 fee. Here is a breakdown of some of the changes to rates and products that Nationwide are making:
Remortgaging Up To 90% LTV
- The 90% LTV 5-year fix will be cut by 0.55% to 4.89%
- The 60% LTV 5-year fix will be cut by 0.36% to 4.43%
- The 80% LTV 3-year fix will be cut by 0.55% to 4.99%
First Time Buyers Up To 90% LTV
- The 60% LTV 5-year fix with £999 fee is being cut by 0.40% to 4.44%
- The 85% LTV 5-year fix with no fee is being cut by 0.60% to 4.84%
- The 60% LTV 2-year fix with £999 is being cut by 0.35% to 4.89%
- The 85% LTV 2-year fix with £999 fee is being cut by 0.55% to 5.09%
Home Movers Up To 90% LTV
- The 60% LTV 5-year fix with £999 is being cut by 0.40% to 4.44%
- The 85% LTV 5-year fix with no fee is being cut by 0.60% to 4.79%
- The 80% LTV 2-year fix with £999 fee is being cut by 0.55% to 4.99%
Director of mortgages at Nationwide Henry Jordan commented on these new changes, saying:
“We’re making these latest rate reductions to ensure the Society remains front of mind for all borrowers, especially those where rate is a key consideration. So, whether it’s a first-time buyer, someone purchasing their next home or those looking to remortgage once their current deal comes to end, Nationwide’s mortgage range has competitive rates across all loan-to-values.
We are also maintaining our existing mortgage member pricing pledge meaning our switcher products will be the same or lower than remortgage equivalents. These latest changes, coupled with our existing schemes such as Helping Hand and Deposit Unlock, show our support for the housing market and all types of borrowers remains as a strong as ever and what people come to expect from the world’s largest building society.”
Contact A Mortgage Advisor About Rate Reductions
2023 is the year to get your mortgage sorted. Whether you need to buy a property or re-finance your existing home, the best thing you can do in 2023 is enlist the help of a mortgage advisor. Rates are changing all the time and thankfully they are coming down from the incredibly high rate rises of the last few months of 2022. At Oportfolio, we have access to over 90 different mortgage lenders and thousands of products that aren’t available directly through the bank. Give us a call today if you want to see how we can help you to get the best possible deal.