This week’s top headlines: Nationwide, Virgin and NatWest make rate cuts of up to 0.36% and Lloyds Banking Group launches £5k deposit FTB mortgage.

Explore these and other major industry updates below:

Nationwide, Virgin and NatWest make rate cuts of up to 0.36%

Nationwide has announced mortgage rate cuts of up to 0.36%, with some of the biggest reductions aimed at first-time buyers and higher loan-to-value deals, taking its lowest rate down to 4.35%.

Virgin and NatWest have also introduced lower rates, suggesting competition among lenders is intensifying again despite ongoing uncertainty around funding costs and wider market conditions.

Lloyds Banking Group launches £5k deposit FTB mortgage

Lloyds Banking Group is launching a new first-time buyer mortgage requiring just a £5,000 deposit for homes worth up to £300,000, available through Lloyds, Halifax and Bank of Scotland.

The move reflects growing efforts by major lenders to help buyers struggling to save traditional deposits, although the higher interest rate and regional house price limits may still restrict accessibility for some borrowers.

New prime minister might mean lower mortgage rates, says John Charcol

Mortgage expert Nicholas Mendes says political uncertainty surrounding Prime Minister Keir Starmer could affect mortgage pricing, with markets closely watching the possibility of a leadership change and its impact on fiscal policy.

While a market-friendly successor could help ease mortgage rates, concerns over higher government borrowing and inflation risks linked to global tensions may continue to keep pressure on gilt yields and borrowing costs.

Leasehold ‘bottleneck’ sees time to exchange take 155 day

Leasehold property sales are taking significantly longer to complete, with the average time from offer to exchange rising to 155 days in April, according to Connells.

The growing delays, which are far longer than for freehold homes, are increasing the risk of sales collapsing and adding pressure for urgent leasehold reform.

Cladding, leasehold and social housing all mentioned in King’s Speech

King Charles III used the King’s Speech to outline the government’s plans to reform leasehold, cap ground rents, expand social housing investment and speed up the removal of unsafe cladding from residential buildings.

The proposals form part of a broader focus on housing security, infrastructure and long-term economic stability, although detailed policies are still to be announced.

FTBs remain under pressure from mortgage mayhem: Moneyfacts

Moneyfacts data shows that although mortgage market volatility eased in April, first-time buyers are still under pressure due to reduced product choice and stretched affordability.

While rates have dipped slightly from recent highs, they remain above early March levels and higher loan-to-value options have fallen, limiting options for buyers with smaller deposits and keeping overall borrowing costs elevated.

Housing market subdued in April: Rics

The RICS survey shows the housing market remained weak in April, with buyer demand and agreed sales still falling as global uncertainty and inflation concerns continue to weigh on sentiment.

While rental demand remains stronger than supply, keeping upward pressure on rents, both buyers and sellers are acting cautiously, particularly in southern England where affordability pressures are most acute.

Zephyr Homeloans launches special edition 5-year fixed range

Zephyr Homeloans, part of Pepper Advantage, has launched new five-year fixed buy-to-let products with no valuation or application fees, aimed at both individual landlords and limited companies.

The lender has also expanded its criteria for more complex borrowing structures, as it continues to support portfolio landlords and corporate letting arrangements.

TMW cuts rates by up to 0.20%, Gen H lifts prices

The Mortgage Works is cutting selected buy-to-let mortgage rates by up to 0.20% and launching new short-term fixed and tracker products aimed at giving landlords more flexibility in a changing market.

At the same time, Gen H is increasing rates following rising swap costs, highlighting continued volatility and mixed pricing movements across the mortgage sector.

40% of landlords want to refinance over next 12 months

Nearly four in ten landlords are expected to refinance within the next year, according to Pegasus Insight, with larger portfolio landlords driving most of the activity as they manage multiple borrowing arrangements.

The research suggests that, despite regulatory and economic pressures, the private rented sector remains active and relatively stable, supported by consistent tenant demand and long-term tenancies.