It became the latest major lender to cut fixed-rate home loans nationwide, with prices starting at 3.84%.
From tomorrow, the common fixation will reduce the fixation point by up to 20 basis points in the selected two-year, three-year and five-year products.
Switcher – Two-year, three-year and five-year interest rates were selected for up to 95% of loans, up to 20bps, with prices starting at 3.84%.
Additional lending – At two-year, three-year and five-year rates, a maximum reduction of 14bps to a maximum of 90% LTV, with interest rates starting at 3.84%.
First time buyers – Up to 11 basis points reduction at two- and five-year rates, up to 90% of LTV, which includes:
LTV 90% five-year interest rate (no fees) is 4.49%, down 10bps
Re-loans – Up to 11 basis points reduction at two-year, three-year and five-year rates, up to 90% of LTV, which includes:
LTV 85% three-year rate, no fees, 4.60% down 10bps
The move comes after Barclays and HSBC lowered interest rates this week. HSBC will announce another tax reduction tomorrow.
“We are further cutting selected products from the fixed mortgage series to ensure that those who want to buy the first home, move to the next or want to switch to a new deal are still thinking nationwide,” said Carlo Pileggi’s senior mortgage manager.
John Charcol technical manager Nicholas Mendes added: “Will we see Barclays and Halifax repeat as quickly as HSBC after the latest round of cuts nationwide?
“The profit margin is going to be lowered, and I suspect there are several other lenders waiting on the wings and then they come out from behind to make a big cut. Cooperative? Maybe?”
