Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

Nationwide Reduces Product Transfer Rates for Existing Borrowers

Nationwide has trimmed its product transfer rates by 0.12%, allowing existing borrowers to access rates starting from 4.56%. The reductions apply to two-, five-, and ten-year fixed rate deals.

For borrowers with 40% equity, two- and five-year fixed rates are now available at 4.56% and 4.59% respectively, each with an arrangement fee of £999. At 75% loan to value (LTV), a fee-free five-year fixed rate is available at 4.83%.

These changes are relevant for letting agents and inventory clerks who work with landlords and tenants affected by mortgage rate adjustments. The new rates may influence decisions on property investments and rental pricing, as mortgage costs are a key factor for landlords.

Last month, Nationwide reported gross mortgage lending of £45.8bn, representing a 2.5% increase year-on-year.