Nationwide has announced another wave of interest rate cuts across its line of business products. The building society will be reducing its fixed-rate deals by up to 0.26 percentage points.
The new rates will be effective from tomorrow and will include the cheapest five-year fixed rate deal on the market. It will offer home movers buying with at least a 40 per cent deposit a rate of 3.78 per cent.
After taking account of seasonal effects, UK house prices rose by 0.3% month on month. Meaning the average house price now sits at £266,334.
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com/KlLIdM4N1r — Nationwide (@AskNationwide) August 1, 2024 On a £200,000 mortgage being repaid over 25 years, that would leave someone paying £1,032 a month, as per ThisisMoney.co.uk The product comes with a hefty £1,499 fee, which needs to be factored in even though the next best rate is substantially higher at 3.
84 per cent, offered by HSBC. Nationwide is also offering a £999 fee option on the same terms with a rate of 3.83 per cent.
For home movers buying with a 25 per cent deposit, it is offering a 4.09 per cent five-year fix with no fee. Tony Castle, managing director at broker PFG Mortgages told the news agency Newspage: "It's incredible to see rates at 3.
78 per cent. Many thought we may not see this until 2025, but they have been proven wrong. This is a huge boost for homeowners and home movers alike.
"These rate reductions are sprinkling some serious stardust onto the .