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Up to 0.45% Off Nationwide Fixed Rates

Journalist: Justin Moy, Contributing Editor

ended 10. October 2023

Nationwide BS has just announced further fixed rate cuts, up to 0.45% from their range for both new and existing borrowers

With mortgage rates still falling, is this a sign that we will see another hold from the Bank of England? Will other lenders wait and see, or join Nationwide with more cuts? Comments and thoughts please

12 responses from the Newspage community

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Editor
Riz Malik
Independent Financial Adviser at R3 Wealth
Nationwide are reconfirming their support to the residential market as their buy to let arm TMW did for landlords yesterday. Nationwide certainly seem to be doing their share of the heavy lifting at the moment while some seem to be sitting on the sidelines watching. Other lenders should take note.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
This is a statement of intent from Nationwide. Everyone needs mortgage market confidence restored and this will go a long way towards it. Others will follow as the competition continues to heat up. Barclays, Santander, Halifax and Co, watch them make their moves now, all of which is great news for consumers.
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Justin Moy
Managing Director at EHF Mortgages
Further rate cuts from Nationwide is a strong message from one of the leading mortgage lenders, showing their continued desire to lend and to take market share at the same time. Hopefully, others will look to match or improve this week.
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Rob Heath
Director - IronMarket Wealth at IronMarket Wealth
I think it is fairly inevitable that other lenders will follow suit and reduce rates.

However, I am now starting to feel a greater sense of confidence that these rate reductions are here to stay, and we are getting closer to the end, than the beginning, as the Bank of England, it depends on which way the wind is blowing.
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Craig Fish
Director at Lodestone Mortgages
Perhaps their recent rebrand featuring 'pac man' chewing chunks out of a house, was an indication of their intention with mortgage rates. Another great move from Nationwide hot on the heels of TMW yesterday. It's encouraging to see rates for those who need to remortgage dropping as they are the ones who currently need it the most. Perhaps its time a few other lenders had a rebrand.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
Another sizeable rate reduction from Nationwide will be better received than their recent rebrand. This is another foundation stone laid in rebuilding borrower confidence and helping families stay afloat. I fully expect another round of reductions from their rivals to compete shortly.
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Jack Tutton
Director at SJ Mortgages
Nationwide reducing some of their rates by this amount shows a positive trend in the mortgage market, this is all a result of the latest inflationary figures and the Bank of England holding the base rate. Look forward to seeing how other lenders react to Nationwide's reductions.
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Elliott Culley
Director at Switch Mortgage Finance
It is always good to see reductions in mortgage rates and although these rates are great for home movers and remortgagors. There is quite the disparity between rates for home movers and first time buyers. It's a shame individuals can be penalised quite harshly for being a first time buyer, when it is already so hard to get on the ladder.
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Peter Stamford
Mortgage Expert at Stamford Home Finance
Nationwide, sorry, "nationwide", has paired its rebrand with a rate cut, offering more than just a new look. The adjusted rates could make mortgages a bit more within reach for some. Worth keeping in mind if you're exploring mortgage options.
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Gareth Davies
Director at South Coast Mortgage Services
Some very juicy rate cuts by Nationwide. I was half expecting the rate cuts to ease or even stop this week, but today's announcement blows that thought out of the water!
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Steven Hargreaves
Mortgage and Protection Adviser at The Mortgage Co
Fantastic news, looks like some of these lenders need to get some business in this year to hit targets, it is encouraging they are cutting their profit margins to offer cheaper rates.
Let us hope the domino effect continues and the rest of the lenders follow suit, it can only be good news for First Time Buyers, Homemovers and existing clients whos preferential rates are due to come to an end.
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Steven Morris
Advising Director at Advantage Financial Solutions
Just like their new brand mascot Pac-Man, Nationwide are chewing chunks out of their mortgage rates as we enter autumn. Despite their bizarre rebrand, these rate cuts are sure to keep brokers 'button bashing' mortgage applications into their revamped retro mortgage portal in the coming weeks. In particular their new 5 year fix, pricing at a record low for 2023 at 4.75% is particularly 1980's. Will they relaunch a 'self cert' mortgage to go really retro? Let's hope not, but with recent changes such as these new rates, offering 5.5 times income and up to 95% for the self employed, Nationwide do seem intent on swallowing up a bigger piece of the market - waka waka waka waka