Nationwide cuts mortgage rates by up to 0.40%

by Aaron Strutt

Aug 22 2023

Nationwide Building Society has announced it is reducing the prices of rates on its fixed mortgage products by up to 0.40 percentage points. The lender previously lowered its rates earlier this month.

Nationwide, the UK's largest building society is making improvements for a range of its customers, including new borrowers moving home: reductions of up to 0.40% across selected two, three and five-year fixed products up to 95% loan-to-value. First-time buyers: reductions of up to 0.35% across selected two, three and five-year fixed products up to 95% loan-to-value. Also, remortgaging customers: reductions of up to 0.15% across selected two, three and five-year fixed products up to 90% loan-to-value.

Henry Jordan, Director of Home at Nationwide Building Society, said: "As economic conditions continue to stabilise, we are able to make further cuts to our mortgage rates, building on the reductions we have made in recent weeks."

Another high street lender, Santander, announced a new round of rate reductions of up to 0.20%, with the new rates going live today. HSBC for Intermediares is also making rate improvements over the coming days.

What is happening to mortgage rates?

There have not been as many rate increases in recent weeks but rates are still pretty expensive compared to what we have been used to over the years.

Jed Newton, director at Trinity Financial, says: "It is good to see the lenders lowering their rates, but there is still a remarkable lack of actual improvements amongst the most competitively priced deals."

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation 

The information contained within was correct at the time of publication but is subject to change.

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