ARCHIVED ARTICLE This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Advertisement

Image of Mike Brown

Michael Brown

Acting Editor
Published: 06/01/2023
Close up of Nationwide Building Society Logo

News contents

The raft of reductions apply to first-time buyers, remortgage borrowers, and those moving home.

High street lender Nationwide BS has reduced some of its fixed mortgage rates. This includes reductions for first-time buyers, remortgage borrowers and those moving home.

“We’re making these latest rate reductions to ensure the Society remains front of mind for all borrowers, especially those where rate is a key consideration,” said Henry Jordan, Director of Mortgages at Nationwide Building Society.

The announcement comes at a time when mortgage approvals have declined to their lowest level in two years, according to the Bank of England.

Further research from the UK’s central bank found that these approvals had fallen for the third consecutive month. It means that this month’s figures are lower than October’s, the month that followed former Chancellor Kwasi Kwarteng’s mini-Budget.

In the tables below we’ve listed some changes Nationwide BS has made. To see how these compare against other mortgages, visit our mortgage charts or read the latest mortgage roundup.

*Please note: The offers mentioned below are for new customers. Existing Nationwide BS customers could be offered a different rate.

Which remortgage rates have changed?

  • Nationwide

    Rate: 4.84% Fixed for 2 years reverting to 6.49%

    Initial period: 2 years 

    Product fee: £999

    Maximum loan-to-value: 60%

    APRC: 6.4%

     

    Representative example: £178,000 mortgage over 25 years initially at 4.84% fixed for 24 months reverting to 6.49% variable for term. 24 monthly payments of £1024.04 and 276 monthly payments of £1189.48. Total amount payable £354,252.44 includes loan amount, interest of £174,873, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.4% APRC representative.

  • Nationwide

    Rate: 4.43% Fixed for 5 years reverting to 6.99%

    Initial period: 5 years 

    Product fee: £999

    Maximum loan-to-value: 60%

    APRC: 6.1%

     

    Representative example: £178,000 mortgage over 25 years initially at 4.43% fixed for 60 months reverting to 6.99% variable for term. 60 monthly payments of £982.32 and 240 monthly payments of £1210.10. Total amount payable £350,742.20 includes loan amount, interest of £171,363, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.1% APRC representative.

Which homemover rates have changed?

  • Nationwide

    Rate: 4.79% Fixed for 2 years reverting to 6.99%

    Initial period: 2 years 

    Product fee: £999

    Maximum loan-to-value: 60%

    APRC: 6.8%

     

    Representative example: £218,000 mortgage over 25 years initially at 4.79% fixed for 24 months reverting to 6.99% variable for term. 24 monthly payments of £1247.88 and 276 monthly payments of £1520.63. Total amount payable £450,692.00 includes loan amount, interest of £231,643, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.8% APRC representative.

  • Nationwide

    Rate: 4.44% Fixed for 5 years reverting to 6.99%

    Initial period: 5 years 

    Product fee: £999

    Maximum loan-to-value: 60%

    APRC: 6.1%

     

    Representative example: £218,000 mortgage over 25 years initially at 4.44% fixed for 60 months reverting to 6.99% variable for term. 60 monthly payments of £1204.30 and 240 monthly payments of £1482.28. Total amount payable £429,054.20 includes loan amount, interest of £210,005, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.1% APRC representative.

Which first-time buyer rates have changed?

  • Nationwide

    Rate: 5.39% Fixed for 2 years reverting to 6.99%

    Initial period: 2 years 

    Product fee: £999

    Maximum loan-to-value: 60%

    APRC: 7.0%

     

    Representative example: £159,210 mortgage over 25 years initially at 5.39% fixed for 24 months reverting to 6.99% variable for term. 24 monthly payments of £967.26 and 276 monthly payments of £1114.62. Total amount payable £331,898.36 includes loan amount, interest of £171,639, valuation fees of £0 and product fees of £999. The overall cost for comparison is 7.0% APRC representative.

  • Nationwide

    Rate: 4.84% Fixed for 5 years reverting to 6.99%

    Initial period: 5 years 

    Product fee: £999

    Maximum loan-to-value: 60%

    APRC: 6.3%

     

    Representative example: £159,210 mortgage over 25 years initially at 4.84% fixed for 60 months reverting to 6.99% variable for term. 60 monthly payments of £915.94 and 240 monthly payments of £1089.74. Total amount payable £317,543.00 includes loan amount, interest of £157,284, valuation fees of £0 and product fees of £999. The overall cost for comparison is 6.3% APRC representative.

Disclaimer

Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time. Links to third parties on this page are paid for by the third party. You can find out more about the individual products by visiting their site. Moneyfactscompare.co.uk will receive a small payment if you use their services after you click through to their site. All information is subject to change without notice. Please check all terms before making any decisions. This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.

Moneyfactscompare.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfactscompare.co.uk will always be from news@moneyfacts-news.co.uk. Be ScamSmart.