Rates have been hiked by the Bank of England in an attempt to mitigate the impact of inflation on the economy.
However, the central bank has signalled its series of base rate increases could be coming to an end very soon.
Despite this, mortgage holders are unlikely to benefit from this pause in rate rises, or pending rate reductions, for the foreseeable future.
However, Nationwide customers can still benefit from the building society offering preserve across its range of mortgage products.
The new rates from Nationwide include:
- Two-year fixed rate at 60 percent LTV with a £999 fee is 4.82 percent (reduced by 0.17 percent)
- Three-year fixed rate at 75 percent LTV with a £999 fee is 4.89 percent (reduced by 0.31 percent)
- Five-year fixed rate at 95 percent LTV with a £999 fee is 5.30 percent(reduced by 0.30 percent)
- Nationwide is also reducing additional borrowing rates by up to 0.31 percent.
Henry Jordan, the director of Home at Nationwide Building Society, outlined why the financial incision is helping homeowners at this time.
He explained: “These latest changes continue our existing mortgage customer pricing pledge.
“This promises that switcher product rates will be the same or lower than the remortgage equivalents.
“This is the tenth reduction in rates we have made in four months and means we continue to offer some of the most competitive rates on the market.”