Nationwide is cutting selected deals by up to 0.40% across its range of 95% LTV fixed rate mortgages from today.
Its two-year 95% LTV product is cut by 0.35% to either 3.89% with a £999 fee or 4.29% with no fee.
The society’s three year 95% LTV fixed rates will fall by 0.40% to 4.39% with a £999 fee and 4.69% with no fee.
Five-year fixed rates are reduced by 0.30% to 4.69% with a £999 fee and 4.89% with no fee.
Henry Jordan, Nationwide’s head of mortgages, said the measures were designed to help first-time buyers on to the housing ladder.
“First time buyers will also continue to qualify for a £500 cashback, irrespective of which product they choose.
“This is in addition to fee-free valuations now available on all mortgage products, which will save the average Nationwide mortgage customer around £200.”
Jordan said Nationwide Flex main current account holders applying for a mortgage will also be eligible for a £250 cashback on any product across the mortgage range.
Customers can select any mortgage product and benefit from fee-free valuations, providing them with the option to obtain a mortgage offer with no upfront fees.
Existing mortgage customers continue to benefit from a 0.10% discount on new customer rates.
Rates have also changed for existing mortgage customers looking to switch deal as part of Nationwide’s Loyalty Rate Mortgages initiative, which compares the Society’s mortgage rates for existing customers to those of its top six high street competitors.
This includes switcher rates at up to 60% LTV reduced to 1.44% with a £999 fee and 1.79% with no fee.