The Mirror - New Nationwide update as change 'begins on Friday'

Nationwide has issued an update for customers, with a change coming into effect from today.

It has slashed its mortgage rates by up to 0.25% in a "welcome boost" for borrowers, as brokers forecast "we will see some more of this in the coming weeks". From Friday, June 26, Nationwide is reducing selected fixed rates by up to 0.25%.

Aaron Strutt, product and communications director at London-based Trinity Financial, said he hoped other big lenders would follow Nationwide's lead.

He added: "Nationwide has just announced that it is lowering its rates again after its last set of price cuts on June 16. The bigger lenders are improving their rates more frequently at the moment, which is good news for home buyers and the lender's existing mortgage customers.

"Nationwide already had the cheapest two- and five-year fixes, but the lender is lowering its prices again hot on the heels of Barclays which dropped its rates twice in the space of a few days. Hopefully a few other big lenders will do the same thing soon.

"These rates are still not as low as the best trackers starting from 3.96% but they seems to be getting closer every few days with all of these rate cuts. A change of prime minister is expected to bring more economic instability – but hopefully it doesn't hit the mortgage market."

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