Nationwide making 'bold' change to bank accounts which comes into force today
A "bold" shake-up in Nationwide's mortgage offerings has taken effect. The building society has declared reductions in mortgage rates slashing up to 0.21 per cent for homebuyers and those looking to remortgage.
A broker highlighted that Nationwide "is clearly positioning itself to capture market share ahead of a potential Bank of England base rate cut" next week, while a conveyancer noted "the property market needed an injection of life and this could prove to be it".
Nationwide's senior manager – mortgages, Carlo Pileggi, said: "As the country's second largest lender, we always strive to support all parts of the market with competitive rates." It comes after a major broadband provider introduced a new £60 charge and issued a deadline to act.
This latest round of cuts across our range move even more of our rates below four per cent and should put Nationwide front of mind of first-time buyers, those moving on to their next home and those looking for a new mortgage deal."
Shaun Sturgess, director at Swansea-based Sturgess Mortgage Solutions, told Birmingham Live: "Nationwide's decision to cut rates by up to 0.21% is a bold but calculated move.
"While other lenders like Barclays are increasing rates, Nationwide is clearly positioning itself to capture market share ahead of a potential Bank of England base rate cut.
"With affordability slowly improving-especially thanks to recent lending rule changes-these lower rates give buyers and remortgagers a real chance to act.
"For many, this is the first window of opportunity in over two years to secure a competitive fixed rate below 4%. But timing is crucial-products are changing daily.
"As brokers, we're monitoring this constantly to help clients secure the right deal, not just the cheapest rate. Nationwide's move isn't odd-it's a sign of growing confidence and smart competition."
Meanwhile, Chris Barry, director at Thomas Legal, said: "Nationwide's deep cut could be the spark needed to light the dormant kindling that is the UK buyer right now. Stock has been building but the complete absence of buyers in recent weeks has meant many in the industry have been running around like busy fools. The property market needed an injection of life and this could prove to be it."
Justin Moy, managing director at EHF Mortgages, said: "This is a somewhat surprising move from Nationwide, given that both Santander and Barclays have announced a mixed bag of rate changes in the last few days.
"Either way, it will be welcomed by those moving home and looking to remortgage. It's interesting to see that rates are somewhat higher for First Time Buyers compared to equivalent Home Movers, and in particular, those using the Helping Hands scheme will see no benefit from the announcement today.
"With other lenders now offering a similar option to those First Time Buyers, Nationwide needs to watch how attractive this scheme is to new borrowers."
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