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Nationwide rate changes

ended 23. March 2023

From tomorrow, Friday 24 March, Nationwide for Intermediaries is reducing selected fixed and tracker rates by up to 0.45%. It will also be reducing selected rates across its Switcher and Additional Borrowing range by up to 0.25%. Full details here. Free PR platform, Newspage, asked brokers for their thoughts (below).

12 responses from the Newspage community

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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
This is fantastic news to receive after Thursday's base rate rise. It shows lenders are still actively trying to lend and will promote confidence in the mortgage market. A big win for borrowers.
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Matthew Jackson
Director at Mint FS
This is very big news. In the mortgage world, whatever Nationwide does, other lenders will follow. So despite the Bank of England increasing the base rate today, this move by the Nationwide will kick off a raft of rate reductions as lenders compete to secure business towards their 2023 lending targets. This is great news for consumers.
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Justin Moy
Managing Director at EHF Mortgages
The re-pricing of the Nationwide rates was probably set before the inflation and rate increases both in the UK and US, so there will likely be some swift repricing in the next few days, which is a real shame. We have already had a few undecided clients make their choice of new deals since this lunchtime, and I suspect there will be a clammer for these rates as brokers move to advise clients accordingly. Now is definitely the time to engage with an independent mortgage broker, and seek their qualified help.
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Craig Fish
Director at Lodestone Mortgages
These reductions are great news, and in some cases are going to outweigh the increase that we saw on Thursday. This is a real statement and, hopefully, more lenders will follow. They could have issued these rates before the Bank of England decision but waited until afterwards to increase the impact. Well done Nationwide.
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Riz Malik
Independent Financial Adviser at R3 Wealth
Given the increase in the base rate on Thursday, this is very reassuring and shows that lenders are still willing to lend. I doubt Nationwide will be the only one repricing downwards and other lenders may follow in the coming days.
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Rohit Kohli
Director at The Mortgage Stop
This is an interesting move by the Nationwide. It's a great positive message given the rate increase from the Bank of England on Thursday but I worry that this could lead to rapid rate changes as the effects of the 0.25% increase feed through into the markets over the next 24 to 48 hours. Overall this is a positive sign and other lenders tend to follow Nationwide so fingers crossed for more cuts to rates.
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Luke Thompson
Director at PAB Wealth Management
For several months now the Bank of England base rate hasn't correlated with the interest rate that mortgage lenders are charging and this seems to be a continuation of this. We have had multiple emails this week from lenders advising that they are reducing their rates. It looks like there is a continuing price war between lenders as they continue to jostle for the reduced amounts of mortgage business that are currently available. The all-important market in relation to lender interest rates at the minute is the swap market and currently, rates are lower than they were at the start of this month, which enables lenders to reduce the cost of mortgage borrowing should they wish to.
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Graham Cox
Director at Bridging Hub
This is excellent news and may indicate that mortgage rates won't rise in response to today's base rate hike. Certainly, competition amongst lenders is intense at the moment, as they slug it out for market share in the face of sluggish consumer demand.
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Natalie Hines
Founder at Premier One Mortgages
I don't think anyone can predict what lenders will do from week to week at the moment. Nevertheless, this is great news from the Nationwide. Let's hope they had factored in today's base rate rise and these rate reductions continue.
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Amit Patel
Adviser at Trinity Finance
This a bold move from Nationwide and it's the first lender out of the blocks to announce rate reductions, which is positive news for borrowers despite the announcement from the Bank of England to increase the base rate to 4.25% at lunchtime Thursday. Hopefully, other lenders will take a leaf out of Nationwide's book and reprice themselves.
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Gary Boakes
Director at Verve Financial
Nationwide receives its funding weekly unlike most banks that are monthly, so they are able to react quickly when swap rates drop. So if Nationwide are dropping rates it is usually a good sign that other lenders will soon follow over the next few weeks.
It is also so positive and bold that they did this on the day the base rate rose again. It was them coming out with a big statement for borrowers, saying look it is not all doom and gloom that the base rate increased.
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Gareth Davies
Director at South Coast Mortgage Services
This is excellent and, let's face it, incredibly timely news from Nationwide. Announcing these significant reductions within three hours of the base rate increase is a smart move. It is not all doom and gloom out there.