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More cuts from Nationwide and Halifax "send a clear and strong message to borrowers"

ended 13. August 2024

Ahead of Wednesday's key inflation data, both the Halifax and Nationwide have this afternoon announced further rate cuts that will come into effect tomorrow. The Halifax has announced rate reductions of up to 0.37% on 3 year remortgage products while the Nationwide is reducing selected fixed rates by up to 0.20%. This includes rates across its New Business and Existing Customers Moving Home product ranges, as well as its Switcher and Additional Borrowing ranges. Newspage asked brokers for their views, below.

9 responses from the Newspage community

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Ranald Mitchell
Director at Charwin Mortgages
It looks like the mortgage market just cranked up the thermostat. With Halifax and Nationwide trying to out-sizzle each other with these rate cuts, it’s clear the competition is smoking hot. Keep those rate reductions coming.
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Andrew Montlake
Managing Director at Coreco
It's encouraging to see major lenders such as the Halifax and Nationwide announce cuts, especially before Wednesday's highly anticipated inflation data. After a relatively quiet first half of the year, lenders seem to be fighting for market share at present.
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Rohit Kohli
Director at The Mortgage Stop
It continues to heat up in the mortgage market as two of the biggest lenders battle it out with further rate cuts. Anyone looking to move home or remortgage could snap themselves up a good deal compared to just a few weeks ago. However, the lack of reductions for anyone with a small deposit means that thousands of first-time buyers are once again missing out. Lenders need to do more for this sector. First-time buyers could be forgiven for feeling a little forlorn.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Further rate cuts from two of the largest players in the mortgage market sends a clear and strong message to borrowers. Lenders are hungry for business during the remainder of 2024 and borrowers should take note. With competition between lenders heating up, now is a fantastic time for borrowers to make their property dreams a reality.
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Darryl Dhoffer
Founder at The Mortgage Geezer
Though Halifax has only reduced 3-year remortgage rates, Nationwide has provided a boost to both homemovers and existing borrowers, with reductions accross the board. However, yet again first-time buyers with small desposits of 5%–10%, who are the backbone of the housing market, are left out in the cold. Lenders need to bring first-time buyers in to really heat the market up.
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Justin Moy
Managing Director at EHF Mortgages
Great to see a continued trend of rate cutting well into August, with two of the most prolific lenders helping borrowers with even better options. In particular, Nationwide are helping a full range of borrowers so everyone will feel some benefit from this Wednesday. With some potentially uneasy inflation figures on the horizon it will be interesting to see if lenders sit on their hands for a while. Sub-4% options are popular, and may just be enough to keep everyone interested over the coming weeks.
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Ben Perks
Managing Director at Orchard Financial Advisers
They might be dropping with a little less gusto, but rates are still moving southward, which should provide a lot of confidence to borrowers. As people return from their summer holidays in the coming weeks, I expect the property market to really start to gather pace.
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Elliott Culley
Director at Switch Mortgage Finance
Great to see further reductions in the market, although the lower deposit products remained unmoved in Nationwide's latest rate roll-out. However this is better than some other lenders who have actually increased their low deposit products over the course of the past week. It would be good to see more love given to borrowers with existing accounts with lenders. Some borrowers aren't in a position to move mortgage lender, so it remains an area of contention in the mortgage world, where existing customers are treated worse by some lenders compared to new customers.
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Aaron Strutt
Product and Communications Director at Trinity Financial
Two and five-year fixes are still getting cheaper which is great news for borrowers. There needs to be a balance where savers feel like they are getting a decent return and mortgage customers pay a reasonable rate. At the moment the choice of sub 4% five-year fixes means borrowers are getting pretty good value for money although many are still opting for the deal year deals as they think rates will come down.