Mortgage Strategy - Nationwide, Virgin and NatWest make rate cuts of up to 0.36%

Nationwide will be cutting rates by up to 0.36% across two, three and five-year fixed rate products, with its lowest rate now at 4.35%.

Nationwide head of mortgage products Carlo Pileggi says: “We’re pleased to be cutting our mortgage rates once again, with the biggest reductions this time aimed at first-time buyers.”

“Some of our biggest rate cuts are being made on our higher loan-to-value mortgages, which will help those with smaller deposits to take their first step on to the property ladder. However, Nationwide remains an all-round lender and these rate cuts reflect our broader aim of supporting customers at every stage of homeownership.”

Commenting on the rate cuts, Trinity Financial product and communications director Aaron Strutt says NatWest “just undercutting Santander’s new rates, which have gone live today”.

Strutt adds: “It is hard to predict exactly what will happen in the mortgage market over the short term due to the ongoing fluctuating funding costs.”

“Thankfully there are more lenders offering two-year fixes below 4.5% now and five-year fixes priced at 4.70% or slightly lower. The good news is that rates are reasonably priced again in general and the anticipated pricing hikes have not happened yet. HSBC is topping the mortgage best buy tables at the moment.”

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