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More rate cuts by Nationwide, Santander and other lenders

Journalist: Justin Moy, Contributing Editor

ended 12. September 2023

Nationwide is the latest lender to announce rate cuts today across their range,  while Sanatander have also cut purchase rates and launched new products. Meanwhile, MPowered Mortgages has also launched rates from 5.14%. Free UK news agency, Newspage, sought the views of brokers below.

 

8 responses from the Newspage community

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Katy Eatenton
Mortgage & Protection Specialist at Lifetime Wealth Management
Any news of reductions will always be welcome. Hopefully it isn't to get as much business in as possible but because we have seen the last of higher rates. There have been rate reductions across the BTL market too today, so it’s a win-win all round.
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Diarmuid Phoenix
Mortgage & Protection Adviser at Mint Mortgages & Protection
This is a welcome response from Nationwide and other lenders, given the alarming news of increasing mortgage arrears earlier today. This may help some customers, though we continue on a rollercoaster of rate changes in the industry. But in the current market, we'll take all the good news we can.
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Darryl Dhoffer
Founder at The Mortgage Geezer
Lenders are filling their mortgage trolleys with as much business as possible, while they can, and this just shows the extent mortgage applications must be affecting business levels for lenders. Rates have been "popping" across the board more than a breakdancer at present. Long may it continue, but I can see the dark clouds of sticky inflation rearing their head again later this month, which may halt further reductions in coming months.
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Rob Gill
Managing Director at Altura Mortgage Finance
These cuts look increasingly like the opening salvos in a full-on mortgage price war, as lenders seek to make up for lost business. We're edging ever closer to fixed rates starting with a '4', which in turn could see the recovery of the property market as purchase borrowers re-enter the market.
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Ranald Mitchell
Director at Charwin Mortgages
More rate reductions from prominent lenders continue to push the rate war towards the sub-5% mark. The question remains, with a likely base rate increase on Septemeber 21st, what will happen next?
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Justin Moy
Managing Director at EHF Mortgages
More rate reductions from a number of mortgage lenders sends out plenty of positivity to both borrowers and brokers. This is a full range of changes, plus a number of new mortgage products that can only be seen as improved confidence in the market. As more lenders will inevitably follow the lead of Nationwide and Santander, let's hope we see sub-5% products very soon.
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Rohit Kohli
Director at The Mortgage Stop
This is more good news for borrowers as pricing between lenders starts to hot up in the lead-up to the Bank of England's next rate rise decision. Hopefully, this is more confirmation that we're at the peak of interest rates. The BoE have a big decision to make soon - keep applying the brakes and grind the market to a full stop or switch on cruise control for a couple of months and see how conditions change over the next few months.
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Gary Bush
Financial Adviser at MortgageShop.com
More rate cuts from lenders is fantastic news. Despite the house price indices showing a property market under pressure, things are now starting to feel more upbeat. Mortgage pricing underpins sentiment.