Halifax and Nationwide lowering rates so fixed mortgages start from 4.5% but price hikes may be on the way
Tags: Remortgages, Residential mortgages
Quick Summary
Halifax and Nationwide have both cut selected mortgage rates, with some fixed deals now starting from around 4.5%. Trinity Financial says the reductions are welcome, especially for first-time buyers, home movers and remortgage clients, but warns they may not last. Rising mortgage funding costs could push lenders to increase rates again quite quickly. Nationwide’s tracker deals were noted as particularly competitive, while Halifax also reduced pricing across parts of its mortgage range. The main message is that although rates are improving, borrowers may need to act quickly if they want to secure the current lower rates before the market shifts again, mainly because of problems in the Middle East.
Nationwide Building Society has announced it will reduce selected fixed rates by up to 0.25% from tomorrow, Friday 24 April. This includes rates across their first-time buyer, home mover, and existing customers moving home ranges.
Halifax is also making changes to its mortgage products, with effect from Friday, 24 April, reducing mortgage and first-time buyer rates by up to 0.15%.
Nationwide’s last mortgage rate change was on the 1st April, and while its rates were pretty much market leading at the time, they didn’t look great. This time, Nationwide has gone one step further than its competitors by offering two-year fixes priced around 4.50%, three-year fixes and five-year fixes just below 4.7%.
Aaron Strutt, product director at Trinity Financial, says: "Nationwide's tracker rates look good as they start from just below 4.15% although Halifax tracker rates are priced beow 4%. While it is great to see rates come down again, the only question is how long it will be before the lender has to increase them. The cost of funding mortgages has increased, and lenders often do not wait long to pass those increases on to borrowers."
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The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.
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