Mortgage Strategy - Nationwide to lower mortgage rates by up to 19bps

Nationwide Building Society is cutting by up to 19 basis points tomorrow.

The lender’s latest round of reductions apply across its first-time buyer, home mover and remortgage ranges with its lowest fixed rate falling to 4.52%.

The move has been welcomed by brokers as it follows weeks of rate increass across the market in response to higher swap rates.

Trinity Financial product and communications director Aaron Strutt says: “After a few weeks of mortgage rate hikes across the lenders Nationwide has announced some pricing improvements. 

“Nationwide has clearly been busy given the size of the previous rate hikes that pushed them out of 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.

“On Friday afternoon Gen H sent a message to brokers saying after last week’s swap rate spike, things have ‘turned right round’ meaning the lender could lower rates by up to 40bps.”

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