Thursday, July 18, 2024
HomeMortgageNationwide lowers fixed rates; Santander updates product transfer policy – round-up

Nationwide lowers fixed rates; Santander updates product transfer policy – round-up


Nationwide lowers fixed rates; Santander updates product transfer policy – round-up

High street lender Nationwide has lowered select new customer moving, first-time buyer and remortgage fixed rates by up to 0.3%.

On the new customers moving home, there are reductions of up to 0.2% across two-, three- and five-year fixed rates up to 85% loan to value (LTV).

The firm’s five-year fixed rate at 60% LTV with a £1,499 fee is 4.18%, a fall of 0.16%. At 75% LTV with a £999 fee, the rate has gone down from 0.2% to 4.59%.



Nationwide’s two-year fixed rate at 60% LTV with a £1,499 fee has reduced by 0.2% to 4.59%. The three-year fixed rate at 85% LTV with a £999 fee has decreased by 0.05% to 4.99%.

Within its first-time buyer range, reductions of up to 0.09% have been made across two- and three-year fixed rates up to 85% LTV.

The lender’s three-year fixed rate at 60% LTV with a £999 fee is 4.65%. For its three-year fixed rate at 75% LTV with a £999 fee, the rate has fallen to 4.75%.

Its two-year fixed rate at 60% LTV with a £1,499 fee is 4.75%.

On the remortgage side, rates have decreased by up to 0.3% on two-, three- and five-year fixed rates up to 90% LTV.

Nationwide’s three-year fixed rate at 75% LTV with a £999 fee is 4.77% and its three-year fixed rate at 60% LTV with no fee is 4.81%. The firm’s five-year rate at 80% LTV with a £1,499 fee is 4.94%.

The lender is also reducing selected two-, three-, and five-year switcher rates at up to 95% LTV by up to 0.16%, with rates starting from 4.34%.

Nationwide is lowering rates and for existing customers moving home by up to 0.2%, with rates now starting from 4.18%.

Rates for additional borrowing will be reduced by 0.16% and will now start from 4.34%. It is also removing all fees from further advance products.

Henry Jordan, director of home at Nationwide Building Society, said: “As one of the UK’s largest lenders, we remain as committed as ever to supporting borrowers. These reductions will ensure that we have some of the most competitive rates on the market for all types of borrowers, whether it be first-time buyers, homemovers or those looking to remortgage or switch deals.”

Nationwide last made changes to its rates in April, upping rates.

 

Santander changes product transfer start policy

Santander has changed its product transfer start policy, so if a fixed or short-term tracker rate customer accepts a new deal that is the same or lower, the new deal will start the day after their current deal ends, or the day before the product completion deadline.

The lender said that it wants to give customers the “flexibility to change or cancel their pre-booked deal up to 14 days before their new deal starts”.

There is no change for existing fixed or short-term tracker customers switching to a higher rate or existing standard variable rate (SVR), follow-on rate and lifetime tracker customers.

Santander said that if a broker client’s current deal is a fixed rate or short-term tracker and their new rate is the same or less, they’ll change to the new deal the day after their current deal ends, or the day before the product completion deadline, whichever is first.

If a client is on its SVR, follow-on rate or a lifetime tracker, they’ll change to the new deal as soon as the bank receives their offer acceptance.

Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.


She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.


In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.


She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.


Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.


In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.





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