New product launch and cuts rates by Nationwide

A new mortgage for purchase has been launched by Nationwide for first-time buyers, and their borrowers who wish to move home.

The new mortgage is available at up to 60% LTV with a rate of 1.14%. It charges a £1,499 fee.

As well as this, Nationwide has made a array of cuts of up to 20 basis points.

The most highlighted rate cuts being the house purchase 60% LTV two-year fix being slashed by 20 basis points to 1.54% and the 85% LTV five-year fix dropped by 15 basis points to 1.69%. This product comes with a £999 fee.

The FTB 60% LTV two-year fix has dropped by 10 basis points to land at 1.64%, as has the 85% LTV five-year fix, with a rate of 2.84% now. The latter product charges a £999 fee.

Meanwhile, the 75% LTV shared equity five-year fix has had 5 basis points removed, giving it a rate of 2.24%, various remortgage products feature cuts of 5 basis points and select house purchase products for existing borrowers have seen cuts of up to 15 basis points.

Nationwide director of mortgages Henry Jordan says: “As the country’s second largest mortgage lender, it’s important we demonstrate to all types of borrower that Nationwide continues to offer a wide range of mortgages with some of the most competitive rates on the market.

“That is why we’re making these latest reductions across a variety of LTVs as well as extending our £1,499 fee product to now make it available to first-time buyers and house purchase.”