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.
Virgin Money and Nationwide Announce Rate Reductions on Mortgage Products
Virgin Money and Nationwide have announced reductions on selected mortgage and buy-to-let (BTL) product rates. The new rates will be effective from tomorrow.
Virgin Money has reduced rates on product transfers and BTL product transfers by up to 0.15%. For product transfer products, selected two-year fixes will be lowered by up to 0.08%, selected five-year fixes by as much as 0.12%, and selected 10-year fixes by up to 0.09%. Selected BTL product transfer rates have also been reduced, including two-year rates (down by up to 0.14%), three-year rates (down by up to 0.15%), and five-year rates (down by up to 0.15%).
Nationwide will lower prices across its switcher range by up to 0.12%. The new rates, which apply to two, five, and ten-year fixed rate products, will be available from tomorrow. Switcher rates for existing Nationwide customers coming to the end of their current mortgage deal will start from 4.56%. The new rates include a two-year fixed rate at 60% loan-to-value (LTV) with a £999 fee at 4.56%, a five-year fixed rate at 60% LTV with a £999 fee at 4.59% (down by 0.10%), and a five-year fixed rate at 75% LTV with no fee at 4.83% (down by 0.12%).
Other lenders have also announced changes. CHL Mortgages has launched limited edition products and reduced rates by 30 basis points across its short-term let range. HSBC is scheduled to implement wide-ranging rate cuts across both residential and BTL product ranges tomorrow. Foundation will withdraw the majority of its BTL products tomorrow, with new rates being launched on Thursday. YBS Commercial will trim some of its prices by up to 0.15%.
These changes may be relevant for letting agents and inventory clerks monitoring mortgage rate trends and their potential impact on the UK rental market.
Source: Mortgage Strategy