MAB says reductions are positive news for homebuyers
Nationwide has cut mortgage rates for the second time in less than a week as the market awaits the latest interest rate decision from the Bank of England on Thursday.
The company originally cut its remortgage rates for existing customers by 0.12 percentage points on 10 June and has now followed it with up to 0.28 percentage points off its fixed rates, opening up yet more opportunities for those looking to move.
The changes introduce Nationwide’s cheapest rate of 4.29%, although home movers will require a deposit of at least 40%, pay a £1,499 arrangement fee and the deal is only available on properties valued at between £300,000 and £5 million.
Greater financial certainty
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: “Nationwide’s latest rate reductions are positive news for anyone considering their next move on the housing ladder.
“Whether you’re a first-time buyer, planning on relocating, or approaching the end of your current mortgage deal, lower fixed rates could mean improved affordability, reduced monthly repayments, and greater financial certainty.”
Although Nationwide hasn’t changed its rates on switcher and additional borrowing mortgages, Geddes said that Nationwide’s latest cuts reflect the current changes in the mortgage market, which are helping buyers secure more competitive rates.
“For anyone looking to make their mortgage work harder, now is an excellent time to review the market,” she said.
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