Nationwide and Virgin Money cut interest rates by up to 19 basis points – Mortgage Strategy

Nationwide and Virgin Money will cut residential and buy-to-let mortgage rates by up to 19 basis points.

For Nationwide, the 19 basis point cut applies to existing Nationwide customers who are coming to the end of their current mortgage agreement, specifically the 75% LTV no-fee three-year fixed rate, which is currently 4.19%.

The bank also lowered interest rates on a range of two-, three- and five-year fixed-rate mortgages.

Other noteworthy mortgage rate cuts include a three-year fixed rate of 75% for remortgagors with no fees, now sitting at 4.24% after a 14 basis point price reduction.

Similarly, the five-year fixed rate has been cut by 14 basis points, with an LTV of 75% and no mover fees, now at 3.99%.

The lender’s current lowest rate is 3.60%, available to new and existing customers looking to move home and purchase a two-year fixed-rate product at 60% LTV for £1,499.

The new rates will apply from November 28th.

Carlo Pileggi, head of mortgage products at Nationwide, said: “We are making rate cuts across the entire mortgage range, which is welcome news for all types of borrowers. So whether you are a first-time buyer, a home mover or someone looking to remortgage or change an existing deal, Nationwide should continue to lead the way with its competitively priced products.”

Last week, Nationwide reported a fall in half-year pre-tax profits of £486m, due to lower mortgage lending and administrative costs arising from the Virgin Money acquisition.

Virgin Money will also make a series of interest rate cuts from 28 November.

This includes a 19 basis point cut in selected three-year product transfer fixed rates, starting at 3.84%.

Virgin Money is also cutting buy-to-let rates by up to 17 basis points, taking its two-year fixed rate at 75% LTV with 3% fees to 2.87%.