Nationwide, Virgin and Clydesdale cut rates: "This Friday 13th is shaping up to be anything but a horror show for the UK's borrowers"

This week is getting better and better. Two rate reductions from TSB, then Virgin, Nationwide, Clydesdale, TMW and Pepper Money join the party. After the strongest August since 2020 and the stamp duty holidays, 2024 is resuscitating the property market.

The bonanza for borrowers continues this week with another three lenders announcing cuts to their rates this afternoon. Practically all the high street lenders have now joined the gold rush which is splendid news for borrowers, as the prospect of further reductions continues into the autumn.

Lenders are like London buses today, queueing up to bring a bit of happiness to borrowers old and new. Virgin, Clydesdale and now Nationwide are announcing significant cuts to their fixed-rate deals, on top of those announced by TSB and NatWest in the last 24 hours. It feels a bit like Christmas has come early, although we need Scrooge to stay away at the Budget in October.

This Friday 13th is shaping up to be anything but a horror show for the UK's borrowers. Nationwide have come out this week with some welcome rate cuts along with Virgin and Clydesdale to add to the announcements already made from the likes of TSB, Natwest and Halifax. There are plenty of other lenders who before the end of the week may also announce cuts, but the big players have set out there stall and told the markets they are open for business.

The rate war is well and truly underway, with lenders desperately trying to be at the top of the rate charts, where they will get the lion's share of the business. With murmurings of bigger and faster rate reductions coming from the decision makers on Threadneedle street, this war is only going to get more fierce. This is great news for anyone needing a mortgage, but a word of warning, if you are planning on buying, don't delay, as the change to a sellers' market is now starting.

It may be Friday 13th tomorrow, but today is turning out to be a very fortunate day for borrowers, with some of the country's major lenders all making reductions. This is a positive step for those looking to secure more competitive deals, as we’ve seen significant changes across various mortgage products today. While Friday the 13th might conjure up thoughts of misfortune, for homeowners and prospective buyers, today’s news could feel like quite the opposite. These reductions mark a positive shift, offering borrowers a chance to secure more competitive deals just as many were bracing for further financial strain. This streak of good fortune is particularly timely for first-time buyers, those looking to remortgage, and buy-to-let investors who’ve been facing higher rates. Today’s rate cuts could significantly impact monthly payments, easing pressure and giving households some breathing room.

Momentum is really starting to build now and the cuts are coming thick and fast. Borrowers are the winners as lenders seek to compete for all-important market share as we head into the final months of the year.

The speed of rate cuts currently is the fastest we have seen since the start of the year. Lenders are being less cautious and are trying to be as competitive as possible. This is a big win for borrowers right now and hopefully these rates are here to stay.

The cuts are starting to gather pace now and we cannot be far from a sub-4% two-year fixed rate. All eyes are on the Bank of England who next week have the power to accelerate the market and better the prospects of thousands of borrowers. But will they?