The interest rates for two-year, three-year and five-year fixed-rate products across the country are up to 0.26%, between 80% and 95% of loan-to-value (LTV) and take effect tomorrow.
With these changes, first-time home buyers nationwide, as well as existing and new customers, are priced at just 5%.
For new customers who move, lenders’ two-year, three-year and five-year fixed-rate products have a drop of up to 0.21% in 80% to 95% LTV. These include a two-year fixed interest rate of 90% LTV, with no fees, which has reduced by 0.21% to 4.99%, while a five-year fixed interest rate of 90% LTV, with a fee of £999, a 0.10% to 4.57%.
For existing customers who move, interest rates fell by as much as 0.21% between 80% and 95% of LTV.
These include LTV’s 90% two-year fixed interest rate without cutting 0.21% to 4.99%.
For first-time home buyers, the nationwide two-year, three-year and five-year fixed-rate products have decreased by 0.26% in 80% to 95% of LTV.
The two-year fixed rate at 95% LTV, which is 95% lowered by 0.26%, is now no fee at 5.30%, while the five-year fixed rate at 95% LTV, which is £999, a 0.25% reduction to 5.04%.
In two-year, three-year and five-year fixed-rate products, tax rates will also be revised by up to 0.12%.
There is currently no fee for 85% LTV, a two-year fixed rate now at 5.15%, a 0.12% reduction, while the two-year fixed rate for 85% LTV (£999) is 4.84%, a 0.05% reduction.
The lender also added a new range of £1,499 fee products with 90% and 95% LTV, with first-time buyers having a five-year fixed interest rate of 95% LTV at 4.99%
“Our latest tax cut will be a welcome news for borrowers of smaller deposits, especially first-time home buyers, and we are pleased to once again offer under 5% interest rates for those with 5% deposits.”
“The introduction of our new £1,499 fee product will also be expanded to the choice of products considered nationwide based on their mortgage needs.”
