Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

Nationwide to Cut Mortgage Rates by Up to 19 Basis Points

Nationwide Building Society will reduce mortgage rates by up to 19 basis points across its first-time buyer, home mover, and remortgage ranges. The changes will take effect tomorrow, with the lender’s lowest fixed rate falling to 4.52%.

The reductions apply to a range of products. For first-time buyers, a two-year fixed rate at 95% loan-to-value (LTV) with a £999 fee will decrease by 19 basis points to 5.25%. A three-year fixed at 60% LTV with a £999 fee will drop by 15 basis points to 4.69%, and a two-year fixed at 90% LTV with a £999 fee will reduce by 10 basis points to 4.88%.

For new and existing customers moving home, a two-year fixed at 95% LTV with a £999 fee will also fall by 19 basis points to 5.25%. A three-year fixed at 80% LTV with a £999 fee will drop by 15 basis points to 4.84%.

Remortgage rates will be reduced by up to 13 basis points across selected two, three, and five-year fixed products up to 95% LTV. Nationwide’s existing mortgage customer pricing pledge remains in place, meaning switcher rates for existing customers will continue to be the same as or lower than equivalent remortgage products.

These changes follow a period of rate increases across the market in response to higher swap rates. The reductions have been welcomed by brokers, according to the Mortgage Strategy report.

Letting agents and inventory clerks may wish to note these changes, as lower mortgage rates can influence demand for rental properties and the pace of home moves in the UK property market.