Nationwide announces first time buyer mortgage cuts


Nationwide Building Society has announced a new raft of mortgage rate reductions aimed at helping first-time buyers to access the property market.
The provider has revealed its fourth round of cuts in under two months, with fixed and tracker home loan rates to be downsized across all loan-to-value (LTV) tiers.
In an effort to help home movers with smaller deposits, the building society is implementing the biggest rate reductions on its two and three-year 90 per cent LTV deals.
These reductions include two-year fixed arrangements being cut by 0.70 per cent, three-year fixed options slashed by 0.60 per cent and five-year agreements brought down by 0.50 per cent.
Tracie Pearce, head of mortgages at Nationwide, which has around 15 million members, noted the group has reduced its rates over a number of weeks – and people with a large deposit are not the only ones to have benefitted.
Ms Pearce added: “This time, we will continue to make reductions across the board, but our largest cuts are on loans with an LTV of 90 per cent.”

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