Nationwide, Virgin and others join race to reprice Mortgage Finance Gazette

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Nationwide Building Society, Virgin Money, The Nottingham and West One have joined the raft of lenders cutting rates.

Earlier today we reported that HSBC, TSB, Clydesdale, MPowered and Suffolk Building Society would be cutting rates tomorrow.

And Pepper, Atom, Foundation and Fleet have cut a number of rates today.

At Nationwide, the biggest reductions are on its deals for first-time buyers.

A three-year fix at 95% LTV with a £999 fee will come down by 25bps to 5.44%.

A five-year fix at the same LTV with the same fee will drop by 10bps to 5.04%.

At 90% LTV, a three-year fix will fall by 10bps to 5.04%, also with a £999 fee.

A two-year fix at 75% LTV will dip by 5bps to 4.49% with the same fee.

The lender is also making reductions to home mover rates for new and existing customers.

For new and existing customers, a three-year fix at 95% LTV with a £999 fee is falling 23bps to 5.37%.

At the same LTV with the same fee, a five-year fix is dipping by 5bps to 5.04%.

For new customers, a three-year fix at 90% LTV with £999 fee is falling 6bps to 5.04%.

For existing customers, a three-year fixed at 80% LTV with a £999 fee is dropping by 11bps to 4.59%.

Nationwide is also reducing selected early repayment charges by up to 1%.

At Virgin Money, some retrofit mortgage rates are falling by up to 30bps.

Selected buy-to-let product transfer rates are dropping by up to 22bps and resi product transfers by up to 17bps.

A host of other residential and buy-to-let deals are also coming down.

Nottingham is trimming rates on foreign national and returning expat products by up to 11bps tomorrow.

West One is cutting prices by up to 35bps on a large number of deals, with the biggest price drops on complex buy-to-let products.

Trinity Financial director of products and communication Aaron Strutt says: It is fair to say this is a pretty decent time to be applying for a mortgage given the scale of rate cuts we are seeing at the moment.

“After the Liz Truss mini-Budget in 2022, many people thought it would be a lot longer before we saw so many sub-4% rates again.”

Nationwide director of home Henry Jordan says: “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.”