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Nationwide Building Society has announced a major reduction in selected mortgage rates, set to take effect from today, Friday, 13 September 2024. The cuts, which reach up to 0.25 percentage points, are primarily aimed at first-time buyers, with further reductions available for new and existing customers moving home. These changes underline Nationwide’s commitment to supporting homebuyers in an increasingly competitive market, especially during challenging economic times.

 Significant Rate Reductions for First-Time Buyers

First-time buyers will see some of the most substantial reductions, with rates lowered across two, three, and five-year fixed-rate products up to 95% loan-to-value (LTV). The standout changes include:

  • Two-Year Fixed Rate at 75% LTV: Now available at 4.49% with a £999 fee, reflecting a reduction of 0.05%.
  • Three-Year Fixed Rate at 90% LTV: Reduced to 5.04% with a £999 fee, down by 0.10%.
  • Three-Year Fixed Rate at 95% LTV: Now set at 5.44% with a £999 fee, the largest reduction of 0.25%.
  • Five-Year Fixed Rate at 95% LTV: Reduced to 5.04% with a £999 fee, down by 0.10%.

These rate reductions come at a crucial time, providing much-needed relief and greater affordability for those looking to step onto the property ladder for the first time. With housing costs high and affordability tight, these cuts will help new buyers secure their dream homes with more manageable monthly payments.

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Don’t let traditional mortgage requirements hold you back. Secure your free consultation with us and Borrow as much as you want with us. Achieve your homeownership goals today with us!

New and Existing Home Movers to Benefit

In addition to the support for first-time buyers, Nationwide is extending rate cuts to those moving home, including both new and existing customers. New customers moving home will see reductions of up to 0.23% across two, three, and five-year fixed-rate deals at 90% and 95% LTV. Key examples include:

  • Three-Year Fixed Rate at 90% LTV: Now available at 5.04% with a £999 fee, reflecting a reduction of 0.06%.
  • Three-Year Fixed Rate at 95% LTV: Slashed to 5.37% with a £999 fee, marking a substantial reduction of 0.23%.
  • Five-Year Fixed Rate at 95% LTV: Reduced to 5.04% with a £999 fee, down by 0.05%.

Existing customers moving home are not left behind, with similar reductions of up to 0.23%. Highlights include:

  • Three-Year Fixed Rate at 80% LTV: Now set at 4.59% with a £999 fee, down by 0.11%.
  • Three-Year Fixed Rate at 95% LTV: Cut to 5.37% with a £999 fee, reduced by 0.23%.
  • Five-Year Fixed Rate at 95% LTV: Now 5.04% with a £999 fee, down by 0.05%.

These rate cuts ensure that existing Nationwide customers continue to benefit from competitive deals that are on par with or even better than those available to new customers.

Ready to find out how much you can borrow?

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Potential borrowing up to £528,000

Please note, this calculator only provides indications of possible borrowings. Contact us for a free bespoke contractor mortgage recommendation.

Use Our Mortgage Calculator to See How Much You Could Save

If you’re considering buying your first home or moving, try our mortgage calculator to see how these new rates could impact your monthly payments. It’s a quick and easy way to explore your options and understand what your mortgage could look like with these newly reduced rates. Our calculator provides a clear picture of potential costs, helping you make an informed decision on the best mortgage deal for your needs.

Nationwide Lowers Early Repayment Charges

In a further boost for borrowers, Nationwide is also reducing selected early repayment charges (ERCs) by up to 1%. This move offers more flexibility for those who may wish to switch deals or repay their mortgages early, providing greater peace of mind in a dynamic housing market.

Expert Insights and Advice

Henry Jordan, Director of Home at Nationwide Building Society, said: “These latest reductions will ensure that we have some of the most competitive rates on the market with a particular focus on supporting first-time buyers in what remains a challenging environment.”

For more expert advice on navigating the mortgage market, especially as a contractor or self-employed professional, visitContractor Mortgage Solutions. Our specialised services and guidance are designed to help you secure the best possible deal, with expert advice that understands the unique challenges contractors face. Don’t miss out on these new rate reductions—let us help you get the keys to your new home today!

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