From Wednesday 2 May, Nationwide Building Society is cutting the product fee payable on its five-year fixed rates by 50%. It is also reducing remortgage rates by between 0.10% and 0.20% across the range.
As a result the product fee charged for homebuyers, remortgagors and existing customers moving home will fall to £450, and to £200 for first-time buyers (including the existing £500 product fee discount already offered to first-time buyers).
Nationwide is also cutting the rate charged on its three-year fixed mortgage deals by 0.10% and reintroducing a 60% Loan to Value (LTV) tier for two-year fixed rate mortgages, with rates starting from just 3.49%.
Tracie Pearce, Nationwide's head of group mortgages, product & pricing, said:
"Our five-year fixed rate mortgage is currently a very popular product with competitive pricing.
"The addition of this fee discount means we can provide tangible support to more customers looking to fix their mortgage payments over the longer term. Coupled with our comprehensive service offering, it makes a fixed rate mortgage with Nationwide particularly attractive.
"We recognise that buying a home can seem complicated and costly - particularly for first-time buyers. The combination of this fee discount with our existing first-time buyer discount clearly demonstrates our ongoing commitment to those looking to buy their first home, by considerably reducing their upfront costs."