Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Nationwide, Virgin Money and GB Bank Cut Mortgage Rates
Nationwide, Virgin Money and GB Bank are reducing rates across their mortgage product ranges, with changes coming into effect from tomorrow. The reductions apply to a variety of fixed and tracker mortgage products, including options for remortgages, first-time buyers, and home movers.
Nationwide is implementing further rate cuts across its fixed rate mortgage range and selected tracker products. The new fixed rates include remortgage reductions of up to 0.19% across two-, three-, five- and 10-year fixed rate products up to 95% loan-to-value (LTV). For example, the two-year fixed rate at 90% LTV with a £999 fee will decrease by 0.15% to 4.99%, and the two-year fixed rate at 90% LTV with no fee will be lowered by 0.19% to 5.20%. The five-year fixed rate at 60% LTV with a £999 fee will be reduced by 0.10% to 4.49%, while the two-year fixed rate at 60% LTV with a £1,499 fee will be trimmed by 0.07% to 4.37%.
Switcher rate reductions of up to 0.16% are also being introduced across two-, three-, five- and 10-year fixed rate products up to 95% LTV. This includes the two-year fixed rate at 60% LTV with a £999 fee, which is being lowered by 0.07% to 4.37%, and the two-year fixed rate at 80% LTV with no fee, which is being reduced by 0.16% to 4.98%. The five-year fixed rate at 60% LTV with a £999 fee is being cut by 0.10% to 4.44%.
For first-time buyers, reductions include the five-year fixed rate at 60% LTV with a £999 fee, cut by 0.19% to 4.37%, and the two-year fixed rate at 90% LTV with no fee, lowered by 0.13% to 4.93%. The five-year fixed rate at 90% LTV with a £999 fee will be trimmed by 0.13% to 4.61%, and the five-year fixed rate at 95% LTV with a £999 fee will be 0.12% lower at 5.08%. First-time buyers also receive £500 cashback when they complete their mortgage with Nationwide. Additional cashback of up to £500 is available for first-time buyers and home movers purchasing an energy-efficient property through Nationwide’s Green Reward.
For existing and new customers moving home, the five-year fixed rate at 90% LTV with no fee will be 0.10% lower at 4.69%, and the three-year fixed rate at 75% LTV with a £999 fee will be cut by 0.10% to 4.49%. Other reductions include the two-year fixed rate at 85% LTV with a £999 fee, going down by 0.09% to 4.45%, and the three-year fixed rate at 95% LTV with a £999 fee, reduced by 0.15% to 5.16%.
Virgin Money has also announced cuts on purchase, remortgage and product transfer rates, effective from tomorrow. Purchase two- and five-year fixes will be cut by as much as 0.10%, while shared ownership fixed rates will be lowered by up to 0.10%. Selected trackers with a £999 fee will be reduced by up to 0.11%. The lender’s remortgage two- and five-year fixes will also be trimmed by up to 0.16% and 0.10% respectively. Additionally, 10-year fixed rates will be cut by as much as 0.09%.
These changes may be relevant for letting agents and inventory clerks monitoring mortgage market trends and affordability for landlords, tenants, and buyers.
Source: Mortgage Strategy