Mortgage Introducer - Nationwide leads reversal of July rate hikes with fixed mortgage cuts

Nationwide is cutting rates across its fixed mortgage range, effective from tomorrow, 4 August.

The reductions of up to 0.19 percentage points on two-, three- and five-year products bring the lender's lowest available rate to 4.52%.

Aaron Strutt (pictured right), product director at Trinity Financial, welcomed the cuts but noted they followed a period of significant increases. He observed that Nationwide's cheapest two-year fix was coming down marginally from 4.54% to 4.52%, and said the building society had clearly been working to recover ground lost in the best-buy tables.

"Hopefully, a few more lenders will lower rates again, and we can reverse the scale of the price rises we have seen recently," he said. "Many borrowers are not going to fancy paying close to 4.5% for a fixed rate and they will expect that rates will come down again sooner rather than later."

For rate-conscious borrowers, Strutt suggested the Barclays 3.99% tracker currently offered the strongest value, even accounting for the possibility of a base rate increase later in the year.

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