Nationwide and Virgin Money cut mortgage rates – round-up
Nationwide has lowered fixed mortgage rates by as much as 0.19% and selected tracker deals by up to 0.12%.
Reductions to fixed rate deals apply to its two-, three-, five- and 10-year deals. This includes a two-year fixed remortgage with a £999 fee, which has been lowered from 5.14% to 4.99%.
At 60% LTV, a five-year fixed remortgage with a £999 fee has been cut from 4.59% to 4.49% and a two-year fix at 60% LTV with a £1,499 fee has been reduced by 0.07% to 4.37%.
A fee-free two-year fixed remortgage at 90% LTV now has a rate of 5.2%, down from 5.39%.
For borrowers switching rate, the two-year fix at 60% LTV with a £999 fee has been trimmed by 0.07% to 4.37% and the fee-free two-year fix at 80% LTV has gone down by 0.16% to 4.98%.
The five-year fixed switcher deal at 60% LTV with a £999 fee has moved from 4.54% to 4.44%.
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Nationwide has also lowered rates for first-time buyers, such as the five-year fix at 60% LTV with a £999 fee, which has been cut by 0.19% to 4.37%, and a two-year fix at 90% LTV with no fee, which is down by 0.13% to 4.93%.
Also, at 90% LTV, a five-year fix with a £999 fee has been cut by 0.13% to 4.61%, and at 95% LTV, the five-year fix with a £999 fee has been reduced by 0.12% to 5.08%.
For borrowers moving home, a five-year fix at 90% LTV with no fee has gone down by 0.1% to 4.69%, while a three-year fix at 75% LTV with a £999 fee has been cut by the same amount to 4.49%.
Further, the two-year fix at 85% LTV with a £999 fee has been reduced by 0.09% to 4.45%, and the three-year fix at 95% LTV, also with a £999 fee, has been cut by 0.15% to 5.16%.
Carlo Pileggi, Nationwide’s head of mortgage products, said: “Another set of rate cuts across our mortgage range is further proof that Nationwide is an all-round lender committed to supporting all types of borrowers.
“The changes we’re making tomorrow will ensure we remain competitive and continue to be front of mind for brokers and customers alike in a fast-moving mortgage market.”
Virgin Money lowers mortgage pricing
Virgin Money has announced rate cuts of up to 0.16% to selected deals.
Across its purchase range, two- and five-year fixed rates will be lowered by up to 0.1%, as will shared ownership rates. Selected trackers with a £999 fee will be reduced by as much as 0.11%.
For remortgage borrowers, two-year fixed rates will be reduced by up to 0.16%, five-year fixed rates by up to 0.1% and 10-year fixed rates by up to 0.09%. Selected trackers with a £999 fee will be reduced by up to 0.15%.
Virgin Money will also lower product transfer pricing, such as selected two- and three-year fixed rates, by up to 0.16%. Meanwhile, selected five-year fixed rates will be cut by as much as 0.1% and selected 10-year fixed rates by up to 0.09%. Further, selected tracker rates with a £999 fee will be cut by as much as 0.12%.
Last month, Clydesdale Bank announced it would stop new lending as part of Nationwide’s acquisition of Virgin Money and Clydesdale Bank earlier this year.
