Mortgage interest rates have been cut by up to 0.75 percent by Nationwide, one of the UK’s largest mortgage lenders. This is great news for those looking to purchase a home or remortgage their existing property.
The reduction in mortgage interest rates is part of Nationwide’s commitment to helping people buy and own their own home. The lender is offering a range of fixed and tracker mortgages with the new lower rates, which could save borrowers thousands of pounds over the life of their loan.
The move follows a period of low interest rates across the UK, with the Bank of England base rate remaining at 0.75 percent since August 2019. This has enabled lenders to offer more competitive rates to borrowers, and Nationwide has taken advantage of this to reduce its mortgage interest rates.
The new rates are available on both two-year and five-year fixed and tracker mortgages, with the two-year fixed rate now starting from 1.19 percent and the five-year fixed rate starting from 1.49 percent. The tracker rate is now starting from 1.09 percent.
For those looking to remortgage their existing property, Nationwide is also offering a cashback incentive of up to £1,000. This could be used to cover the costs associated with remortgaging, such as legal fees and valuation costs.
Nationwide’s decision to cut mortgage interest rates is a welcome move for those looking to purchase a home or remortgage their existing property. With the new lower rates, borrowers could save thousands of pounds over the life of their loan, making homeownership more affordable.