Rates are moving in both directions this week, with Nationwide, MPowered, Nottingham and Vida joining the reprice.
Earlier today, Barclays revealed it was cutting rates by up to 30 basis points, taking more residential products below 4%.
Nationwide and The Mortgage Works
Nationwide Building Society is increasing selected fixed rates by up to 15 basis points.
This includes products in its new business, existing customers moving home, switcher and additional borrowing ranges.
Brokers wanting to secure existing rates must submit a decision in principle application by 8pm today, click on “reserve product” and follow further prompts.
The lender’s buy-to-let arm The Mortgage Works will also be increasing some two-year fixes at 65% loan-to-value with a £3,995 fee for new business customers.
Some five-year fixes will be withdrawn and certain Switcher rates increased.
MPowered
In better news for brokers and borrowers, MPowered is cutting two-year fixed rates by up to 30 bps at 5.30pm today.
Following the changes, two-year rates for new purchase customers will start from 4.11% at 60% LTV with a fee of £999.
Two-year rates for remortgage customers start at 4.29% at 60% LTV with a £999 fee.
Chief executive Stuart Cheetham says: “Swap rates have continued to rise in the last week, especially in the five and 10-year space as the Chancellor’s Autumn Budget draws near and financial markets are nervous.
“Despite this, we are still reducing our two-year rates today following on from our three-year fixed rate reductions last week.
“We urge borrowers to seek independent financial advice before making any decisions when it comes to their mortgage especially during this time of mortgage rate volatility.”
Nottingham Building Society
The lender is improving flexibility for foreign nationals and returning expats as well as trimming rates on these products by up to 10bps.
It is expanding the types of visa accepted to include: global talent, pre-settlement, UK ancestry, British national overseas, health and care worker, skilled worker, tier 2 (if granted before December 2020) and dependant visas (for joint applicants).
Sales director Alison Pallett says: “Our goal is to ensure that we offer attractive and flexible products to meet the unique needs of our customers – from skilled foreign nationals and returning expats, to those looking for specific options like retirement interest-only or buy-to-let.”
Vida Homeloans
The lender is with withdrawing a number of five-year fixed rate buy-to-let deals at 6pm tomorrow.
