Nationwide, Clydesdale Bank and Virgin Money have announced mortgage rate cuts, joining a raft of lenders who have made changes today.
Nationwide’s rates have fallen by up to 0.25% and the cuts take effect from 13 September.
The majority of cuts have been made to the mutual’s first-time buyer range across two-, three- and five-year fixes up to 95% loan to value (LTV).
For first-time buyers, there is a two-year fix at 75% LTV with a £999 fee, which has been cut by 0.05% to 4.49%, and a three-year fix at 90% LTV, which has been cut from 5.14% to 5.04%.
At 95% LTV, a three-year fix has been cut by 0.25% to 5.44% and a five-year fix has been lowered by 0.1% to 5.04%.
All these deals have a £999 fee.
For both new and existing customers moving home, cuts of up to 0.23% have been made on two-, three- and five-year fixes up to 95% LTV.
Nationwide is also reducing select early repayment charges (ERCs) by up to 1%.
Henry Jordan, director of home at Nationwide Building Society, said: “These latest reductions will ensure that we have some of the most competitive rates on the market, with a particular focus on supporting first-time buyers in what remains a challenging environment.”
Virgin Money
Virgin Money announced rate cuts of up to 0.3% to its residential purchase, residential remortgage, buy-to-let (BTL) and product transfer options.
Its two-year fixed purchase deal for residential borrowers with a £895 fee has been cut by 0.05% to 4.58%, while the fee-saver option has been reduced by 0.02% to 4.86%.
Virgin Money has also lowered select retrofit boost product rates by up to 0.3%, to start from 4.29%. This range was launched in July and offers cashback of up to £15,000 to homeowners making sustainable upgrades to their homes.
At 85% and 90% LTV, remortgage deals with a £995 fee and no fee have been cut by 0.1% to start from 4.69% and 4.89% respectively.
Reductions have been made to BTL deals, with portfolio mortgages subject to a minimum loan size of £150,000.
The lender has also cut product transfer rates by up to 0.17% for residential borrowers, starting from 3.88%, and 0.22% for BTL, now starting from 3.99%.
Changes come into effect from 13 September.
Clydesdale Bank
Also taking effect from 13 September, Clydesdale Bank has lowered mortgage rates by up to 0.39%.
Headline cuts have been made to two- and five-year fixed rates for residential borrowers, now starting from 4.02%, and similar options for professional borrowers.
Its exclusive product transfer rates at 65% LTV, fixed for two or five years, have been cut by 0.1% to start from 3.99%.
Meanwhile, exclusive remortgage and large loan rates have been lowered by up to 0.3%.
Today, NatWest, Yorkshire Building Society, Atom Bank and Suffolk Building Society have announced reductions to mortgage pricing.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
