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Nationwide announces further rate cuts

Journalist: Riz Malik

ended 31. August 2023

The Nationwide has announced it is reducing selected fixed and tracker products by up to 0.15% tomorrow. This includes rates across the New Business, Switcher, Additional Borrowing and Existing Customers Moving Home range. Free UK news agency, Newspage, sought the views of brokers, below.

5 responses from the Newspage community

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Editor
Riz Malik
Independent Financial Adviser at R3 Wealth
Even minor rate reductions are appreciated, especially considering the hikes borrowers have experienced over the past six months. The current trend in rate cuts appears to be "little but frequent." Either way, here's hoping this trend extends into the coming weeks.
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Justin Moy
Managing Director at EHF Mortgages
Another 'nibble' at Nationwide's fixed rate range. This is a welcome response to the wider market competition and lenders reacting to better market conditions. Interestingly, this includes some of their tracker range as other lenders have just tinkered with their fixed rates, so it definitely seems to have something for everyone. Another step in the right direction.
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Ashley Thomas
Director at Magni Finance
There seem to be a lot of lenders reducing their rates at present. I expect this trend to continue and most will be hoping it is the start of a price war. The next set of inflation data will be a big factor in whether rates will continue to go down.
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Peter Stamford
Mortgage Expert at Stamford Home Finance
Mortgage rates are dipping, a hopeful sign in uncertain times. With the Bank of England's looming decisions and the economy's stormy clouds, banks are hustling to adapt and entice borrowers. From embracing flexibility to welcoming tiny rate reductions, the trend hints at a brewing price war. Nationwide's inclusive rate adjustments stand out, making sure there's something for everyone. A promising direction indeed.
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Gary Boakes
Director at Verve Financial
Every little helps for both purchasers and existing customers, any news of rate reductions is great. At 0.15% it is not going to make a huge difference to the market, and is nationwide positioning them selves to try and gain more business.